(NASDAQ: AAPL) had a slow start to the year, with its shares down 12% at the beginning of May. Dwindling product sales, poor market conditions, and an uncertain position in the budding artificial intelligence (AI) market caused investors to pull back.

However, the tech giant has turned things around since then, with its stock soaring 34% since May 1. Apple won back Wall Street by beating expectations in its third quarter of 2024 and with announcements hinting at an exciting future in AI. In Q3 2024 (ended June 29), the company's revenue increased 5% year over year, beating analysts' forecasts by $1.4 billion. The quarter profited from a 24% spike in iPad sales and a 14% increase in services revenue.

Regarding AI, Apple is gearing up to make a massive push into the industry with the release of its iPhone 16 in September and the launch of Apple Intelligence -- a generative overhaul of its operating systems.

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Source Fool.com