On Wednesday, Apple Inc. (NASDAQ:AAPL) shares surged to a record high after investors welcomed the company’s new Siri AI beta and progress on Apple Intelligence, with prominent analysts Gene Munster and Ming-Chi Kuo saying the rally reflects growing confidence in Apple’s AI strategy.
Gene Munster, Ming-Chi Kuo Back Apple Rally
Deepwater Asset Management managing partner Gene Munster highlighted Apple’s market outperformance after the stock climbed 4.01% to close at $327.50, while the Nasdaq gained just 0.5%.
“The new Siri AI in iOS 27 public beta released yesterday gives investors concrete evidence that Apple finally has the AI chops it’s long been missing,” Munster wrote on X, adding that the moment resembled the setup that “fueled Google’s sharp rerating in April 2025.”
After testing the beta for a day, Munster said, “I can attest it’s like having a new phone.”
Separately, Apple analyst Ming-Chi Kuo said the stock’s climb was in line with his earlier forecast.
“I rarely make public calls on stock price trends,” Kuo wrote on X, noting that before WWDC 2026 he had predicted Apple would enjoy a positive share-price trend in the second half of 2026 as long as its “core bull narrative” remained intact.
Despite a post-WWDC sell-off and concerns over product price increases, Kuo said Apple has since reached an intraday all-time high, “consistent with the trend I forecast a month ago.”
Apple shares touched a new 52-week high of $328.73 during Wednesday’s session.
China Approval Boosts Apple Intelligence
The rally also came after China’s cyberspace regulator approved Apple Intelligence for the Chinese market, allowing Apple to roll out its on-device generative AI features using models from Baidu Inc. (NASDAQ:BIDU) and Alibaba Group Holding Ltd. (NYSE:BABA).
Earlier this week, Apple released public betas for iOS 27, macOS 27 Golden Gate, iPadOS 27, watchOS 27, tvOS 27 and visionOS 27, while also opening access to a beta version of Siri AI.
However, the full suite of Siri AI capabilities will be limited to newer hardware, with the most advanced features reserved for select iPhone, iPad, Mac and Vision Pro models equipped with more powerful chips and memory.
According to Benzinga Edge Stock Rankings, Apple ranks in the 98th percentile for Quality, reflecting its strong performance across the short, medium and long term.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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