Apple Inc. (NASDAQ:AAPL): Apple stock could be retesting its $3 trillion market valuation ($195.59 per share) before the WWDC event


Apple stock bounced off its trendline support on Thursday after Bloomberg reported that the company has been developing AI server chips long before the launch of OpenAI's ChatGPT in November 2022. In January this year, Bloomberg's Mark Gurman said, "Apple remains years behind the competition in generative artificial intelligence (AI)...".

Earlier this week, the company unveiled their new powerful iPad Pro equipped with AI capable M4 processors. The technical specifications of the M4 chips are unknown at this point but it is safe to assume that they can easily outperform the Qualcomm Snapdragon X Elite.

AAPL broke out from the descending chart pattern earlier this month with a price target at $198. The 50-day EMA is now rising rapidly and could crossover the 200-day EMA to form a golden cross before the end of this month.

This note contained herein is our opinion and should not be construed as a recommendation to buy or sell. Click here to view the latest update!


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