Apple (AAPL) stock rose in above-average trading volume for the second straight day on a news report that the company plans a big AI-focused refresh of its Mac computer lineup.

big tech stocks like Apple, Amazon and Google are grappling with antitrust lawsuits. Cato Institute Technology Policy Research Fellow Jennifer Huddleston shares how changing competition policy may shape the tech sector and affect the artificial intelligence revolution.” vid-name=”Apple, Amazon And Google Are Grappling With Antitrust Suits. How The Rulings Could Shape The Hot Tech Sector.” vid-cat=”Industry Insights” vid-date=”03/07/2024″ vid-date-tmsp=”1709803275″ vid-image=”https://www.investors.com/wp-content/uploads/2024/03/iSAQE3SZ-640×360.jpg” vid-authors=”MEREDITH HEYMAN”>
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In morning trades on the stock market today, Apple stock climbed as much as 1.9% to 178.36. With the move, it rose above its 50-day moving average line near 177.

However, the gains faded. Apple stock was last up a fraction to 175.35.

On Thursday, Apple stock surged 4.3% to close at 175.04. The move happened after Bloomberg reported that Apple plans to overhaul its entire lineup of Macs with processors that have artificial intelligence capabilities. The new Mac computers will use M4 chips, its latest family of processors designed in house, Bloomberg said.

Apple plans to release the updated desktop and notebook computers beginning late this year and extending into early next year, the report said.

Apple Stock Pullback Offers ‘Enticing Opportunity’

Also, Apple is looking to add AI features to its iPhone 16 lineup this fall, analysts say.

Analysts expect the consumer electronics giant to promote its innovations in artificial intelligence at its Worldwide Developers Conference this summer. The WWDC will run June 10-14.

Late Thursday, CFRA Research analyst Angelo Zino reiterated his buy rating on Apple stock following the Bloomberg report.

“We view this as a positive development as it could offer upside to pricing and revenue within Macs,” Zino said in a client note.

He added, “Apple is looking to generate higher revenue by injecting new on-device AI capabilities across iPhones and other higher-end devices to spur consumers to pay up this fall.”

Zino said the recent pullback in Apple stock offers investors “an enticing opportunity.”

Follow Patrick Seitz on X, formerly Twitter, at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.

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