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Apple shares (AAPL) rose as much as 6% on Tuesday, hitting an intraday record as investors digested the announcement of its AI platform Apple Intelligence, marking the first time Apple has hit an all-time high in 2024.

After falling during and after the company’s WWDC conference on Monday, the stock price rose again as some Wall Street analysts welcomed the company’s announcements.

“When you look at the signal separated from the noise, you see that Apple is about to introduce an unprecedented capability that will integrate AI into everyday life,” Gil Luria, managing director of DA Davidson, told Yahoo Finance.

Following Monday’s event, Luria upgraded Apple’s rating from “neutral” to “buy” and raised his price target from $200 to $230.

On Monday, Apple announced “Apple Intelligence,” its long-awaited foray into generative AI. The company said the platform will be integrated into all of the company’s hardware and software products, from the iPhone and Mac to email, messages, and photos. Apple Intelligence will be available this fall on the iPhone 15 Pro, as well as iPads and Macs with Apple’s M1 series chips and newer.

Key new features include updates to Siri, which can now do things like search phones for addresses sent in messages or find photos in a phone’s photo library using voice prompts. Apple also released new software updates for its iPhone, watches and computer products.

“Our experience with consumer surveys at the launch of previous iPhone generations shows that the hardware upgrade cycle is more likely to be driven by a series of feature upgrades in various applications that, taken together, will provide reasons to upgrade over the next few years,” Samik Chatterjee, senior analyst at JPMorgan, wrote in a note to clients on Monday.

He added: “The release of AI features for Mac, iPad and iPhone will support an upgrade cycle across all devices.”

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