02:04 PM EDT, 08/23/2024 (MT Newswires) -- Apple ( AAPL ) shares have "room for significant upside ahead" on bullish prospects for artificial intelligence, Third Point Chief Executive Officer Daniel Loeb said in a letter to investors, Reuters reported Friday.

"AI-related demand could drive a step change improvement in Apple's ( AAPL ) revenue and earnings over the next few years," Loeb said, according to the report.

Third Point built an Apple ( AAPL ) position in April, Loeb said, according to the report.

Apple ( AAPL ) and Third Point didn't immediately respond to requests for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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