Bank of America winks at Apple for artificial intelligence: Is it time to buy?

Bank of America winks at Apple for artificial intelligence: Is it time to buy?

Bank of America He recalled that Apple is one of his main options, maintaining its “Buy” rating and a price target of $230 in a note this Wednesday.

BofA highlighted the imminent change of the smartphones to “IntelliPhones” which, in his opinion, will drive an important multi-year update cycle. BofA analysts are optimistic about the uptake of AI-enabled IntelliPhones, predicting that will surpass the rapid acceptance of smartphones and 5G.

Apple: what are IntelliPhones

With a large installed base of more than 4 billion smartphones, they anticipate that this update cycle will be a once-in-a-decade event.

“We believe the upcoming AI phones (IntelliPhones) will drive a multi-year upgrade cycle similar to the incremental feature improvement driven by the introduction of smartphones,” the note stated.

IntelliPhones are expected to Leverage advanced AI and machine learning to deliver features such as superior personal assistance, language processing, health monitoring, enhanced photography and AR/VR experiences.

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This Wednesday, Bank of America confirmed that it is its preferred stock.

BofA notes that “knowledge of the context will be the key differentiator”which will allow for more sophisticated and personalized user functions.

Furthermore, the bank states that the IntelliPhones will master cutting-edge AI, benefiting from its portability, ubiquity and integrated sensors. This evolution is set to transform several sectors, with AI agents mimicking roles such as travel agents and health experts, creating new monetization opportunities.

BofA concluded that the IntelliPhone revolution with AI will considerably widen the gap between traditional smartphones and these advanced devices, fueling consumers’ desire to upgrade.

Source: Ambito

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