Yesterday, AppleAAPL

unveiled its newest iPad lineup powered by its cutting-edge M4 chip, hailed by CEO Tim Cook as an “outrageously powerful chip for AI.” Starting at $1,299, the new iPad Pro will also be the most expensive model, boasting the M4 chip’s ability to handle 38T operations per second — double that of the base M3. Smartphone manufacturers anticipate AI advancements could unlock fresh applications, enhancing security and speed.

• Tech companies have pushed to introduce AI-driven smartphones this year in an effort to rejuvenate sluggish device sales — which sent Apple to its first annual sales decline since 2019, prompting a pivotal shift in strategy.
• This move could potentially trigger a much-awaited upgrade cycle across Apple’s product range, which is crucial for its stock performance, up just 5% over the past year and has underperformed both the S&P 500 and other tech giants.

Unlimited power at your fingertips: QualcommQCOM

, a key chip supplier for smartphone makers, has experienced a significant surge thanks to the rise of AI devices. Over the past year, the company’s stock has soared by nearly 70% — fueled by the launch of Samsung’s AI-enabled Android phones earlier in the year. This momentum is already translating into tangible results. According to Counterpoint Research, unit sales of Samsung’s latest AI-enhanced S24 phone increased by 8% during the first three weeks after launch compared to the previous version during the same period (WSJ). This positive trend bodes well for Apple investors, who are having their patience tested to the limits.