Apple has 'Edge AI' iPhone opportunity in 2024, says analyst
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Morgan Stanley analyst sees an "Edge AI" opportunity for Apple to put AI capabilities directly into iPhones, potentially launching an "AI iPhone" in 2024.
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This could significantly increase iPhone processing speeds for AI-related tasks, making Siri much more useful.
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An AI iPhone could spur upgrades from consumers who have been holding onto old models longer recently.
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This opportunity is why the analyst thinks Apple stock is a buy despite some near-term mixed signals on demand.
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The analyst has a $220 price target on Apple stock, about 18% upside from current levels.