NEW YORK (Reuters) – Billionaire hedge fund manager Daniel Loeb sees room for Apple’s stock price to climb, especially if the technology company successfully harnesses artificial intelligence for its iOS mobile operating system.
“Despite the stock’s recent strong appreciation, we
see room for significant upside ahead as the magnitude of this new AI opportunity surprises,” Loeb wrote to his investors in a letter seen by Reuters on Friday. Third Point built a position in Apple in April, Loeb wrote.
(Reporting by Svea Herbst-Bayliss)
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