**Apple Stock Hits All-Time High Following AI Expansion Announcement**
Apple (NASDAQ: AAPL) recently reached an all-time high after unveiling Apple Intelligence, an expansion into generative artificial intelligence (AI) that will enhance tools for writing, editing, and summarizing messages, as well as integrate OpenAI’s ChatGPT into Siri and various applications. In its latest quarter, Apple generated 51% of its revenue from iPhones and 26% from services, with total revenue down 3% year-over-year for FY 2023, while analysts expect just a 1% growth for the full year.
Despite challenges such as declining iPhone and Mac sales and a strong dollar affecting performance, Apple continues to grow its services sector, which boasts over a billion paid subscribers. The tech giant ended its latest quarter with $162 billion in cash, supporting potential investments and share buybacks, but faces scrutiny from antitrust regulators that could impact its service growth.
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