Apple stock reaches record high after announcement of new AI features

Tech giant's shares climb 7% a day after reveal of artificial intelligence features meant to increase appeal of the iPhone

Apple shares climbed more than 7% to a record high on Tuesday by market close, a day after presenting new artificial intelligence features meant to increase the appeal of its devices, including the iPhone, under the umbrella of Apple Intelligence".

The rally comes as a breather for the stock, which has underperformed versus the benchmark S&P 500 this year, as Apple grapples with weak sales for its premium consumer gadgets. Apple stands to add the better part of $200bn to its market value if the current stock price of $207 holds.