Apple Inc. (NASDAQ:AAPL): Billionaire Dan Loeb Expects AI-Linked Revenue Growth

Apple Inc. (NASDAQ:AAPL), an American multinational technology company, is on the radar of Third Point, a New York-based hedge fund led by Dan Loeb. According to Loeb's letter to investors, his bullish views on the company in the field of artificial intelligence (AI) are based on Apple's recently launched software suite, Apple Intelligence, which aims to make AI a feature across its devices like iPhones. With the release of these AI features, Loeb believes that the tech giant will drive meaningful new demand within the installed base, resulting in accelerating revenue growth on two fronts: improved iPhone revenue and App Store becoming the primary distribution platform for most new consumer-focused AI apps. While we acknowledge Apple Inc.'s potential as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns within a shorter timeframe. If you are looking for an AI stock more promising than Apple Inc. (NASDAQ:AAPL) but trading at less than 5 times its earnings, check out our report on the cheapest AI stock. SOURCE: https://markets.businessinsider.com/news/stocks/dan-loebs-third-point-buys-nearly-550000-shares-in-apple-inc-1030271469