AAPL- The Tech Giant Whose “Vision” of the Future is Bright

Apple (AAPL) held their Worldwide Developer’s Conference (WWDC) last week and did not disappoint. The new M2 Ultra processor will allow developers to build AI models that are far larger than the memory of current GPUs. This may be the massive game changer for Private and Personal local AI, recounts Michael Murphy, editor of New World Investor.

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They also introduced the Vision Pro Augmented Reality and Virtual Reality “spatial computer” that doesn’t compete with Meta’s AR/VR Quest headset. With the Reality Pro priced at $3,499 versus Meta’s Quest Pro at $999 or forthcoming Quest 3 at $499 – well, no wonder they’re calling it a “spatial computer.”

Read through the company’s press release and you won’t find a single trace of the word headset. Re-watch the roughly 40-minute Vision Pro portion of Apple’s Worldwide Developer Conference 2023 keynote, and you won’t hear anyone utter the term “headset.”

But they did quietly buy Mira, a Los Angeles-based AR startup that makes headsets for other companies and the US military. And all the developers will be furiously updating old software and writing new apps to take advantage of the early-2024 launch.

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We’re about to enter the hype cycle for September’s iPhone 15 introduction. Apple hit a new all-time high of $184.95 last Monday, and I expect to be over $200 by mid-September. Dan Ives of Wedbush just raised his 12-month target from $205 to $220.

Recommended Action: Buy AAPL.

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