Apple to host Welcome Home event to launch new smart home products

Apple shares rose nearly 2% at the open, approaching a record high, currently trading at $341.30. Previously, Apple announced it will hold a special "Welcome Home" themed event on Tuesday (October 13), where it is expected to launch brand-new smart home products—this is also the latest update in Apple's smart home segment since John Ternus assumed the role of CEO last month. Reportedly, the devices to be launched this time include the next-generation Apple TV 4K, HomePod mini, and a brand-new home hub device. Although many industry insiders expect only minor performance upgrades for Apple TV and HomePod next week, the chip iteration will, in fact, bring unprecedented new capabilities to Apple’s smart home product lineup. Star tech analyst Dan Ives stated that Apple's AI strategy could potentially add about $75 per share to the company's valuation, as the company seeks to leverage AI to drive device upgrades and boost service revenue. Ives gave Apple stock an "Outperform" rating with a target price of $400.