Overview
- Wedbush raised Apple’s price target to $400 from $350 on Friday, pointing to a new push to make money from AI on Apple devices.
- The firm models about $15 billion a year from selling access to third‑party AI models on Apple’s platform and estimates roughly 20% of people will use AI through Apple.
- Analysts expect iOS 27 to let users pick a default AI model, with options like Google’s Gemini, OpenAI’s ChatGPT, and Anthropic’s Claude, though Apple has not confirmed these features.
- Wedbush expects Apple to outline its AI plan at June’s WWDC and says services tied to that plan could add $75 to $100 to the stock over time.
- The note links the coming CEO transition to John Ternus to a fresh hardware cycle—such as foldables and AI‑ready devices—that would reinforce the AI strategy.