10 AI News Taking Wall Street by Storm

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1. Apple Inc. (NASDAQ:AAPL)

Number of Hedge Fund Holders: 158

Apple Inc. (NASDAQ:AAPL) has fortified its mark in the AI realm with the launch of Apple Intelligence, its personal artificial intelligence system. On December 6, Bloomberg reported that Apple Inc. (NASDAQ:AAPL) is gearing up to launch one of its most-awaited projects: the series of cellular modem chips that aim to replace components from long-time partner and rival Qualcomm. Reportedly, Apple’s in-house modem system will debut next spring. This technology is said to be part of the iPhone SE, the company’s entry-level smartphone. The iPhone SE will be updated next year for the first time since 2022.

When the iPhone SE debuts in a few months, it is going to have new features such as Apple Intelligence and the edge-to-edge screen design already used in more upscale models. However, the breakthrough is going to be its in-house modem, code-named Sinope. Currently, the modem won’t be used in Apple’s higher-end products but is set to come to a new mid-tier iPhone later next year, code-named D23. Apple’s entry-level iPads will also witness the chip debut as early as 2025.

While we acknowledge the potential of AAPL as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than AAPL but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: 8 Best Wide Moat Stocks to Buy Now and 30 Most Important AI Stocks According to BlackRock.

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