Apple Rises 3.12% on March 4 AI Product Launch, Wedbush $350 PT
Apple shares rose 3.12% after announcing March 4 unveiling of new Mac computers, AI-powered smart glasses, AI-enabled AirPods and a Siri pendant, while Wedbush maintained an Outperform rating with a $350 target pointing to 33% upside potential. Apple and peers account for nearly 20% of the SPDR S&P 500 ETF.
1. Product Launch and Analyst Outlook
Apple announced a March 4 event featuring new Mac computers, AI-powered smart glasses, AI-enabled AirPods and a Siri pendant, along with upgraded video podcast features. Wedbush analyst Dan Ives reiterated an Outperform rating on Apple shares with a $350 price target, indicating roughly 33% upside potential.
2. ETF Weighting and Market Impact
Apple and two other mega-cap stocks now represent nearly 20% of the SPDR S&P 500 ETF, which slipped 1.31% over the past month and has an RSI of 43.9, nearing oversold levels. This heavy weighting could expose Apple’s shares to amplified volatility from broader ETF flows and market sentiment shifts.