Apple will do just fine without the Apple Car
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Wedbush believes that Apple allegedly abandoned the development of the Apple Car, allowing it to concentrate on , what will happen next for the company — AI.
Reliable sources report that Apple has completed work on Project Titan. If this is true, then the Apple Car will never see the light of day. This may disappoint some, but at least one investment firm is optimistic about the move.
According to Wedbush's note, which was seen by AppleInsier, disbanding Apple's Project Titan and focusing that team on artificial intelligence initiatives is the right move. This will mean an acceleration in Apple's AI initiatives as they become more important through 2024.
The note is mostly positive, focusing on the potential for Apple to introduce more specific artificial intelligence features. Rumors suggest that iOS 18 could be AI-focused, and Apple CEO Tim Cook has said that AI news will come in 2024.
The comments reflect what Wedbush previously classified as Apple's renaissance with the Apple Vision Pro and its products. Ultimately, cross-device functionality between the iPhone, Vision Pro and AI-powered products could drive consumer use cases.
Wedbush maintains an Outperform rating with a $250 price target.
