# Apple Upgraded to Buy by HSBC on Agentic AI, Hardware Pipeline > Source: > Published: 2026-07-17 12:17:00+00:00 (Bloomberg) -- Apple Inc. was upgraded to buy at HSBC Holdings Plc on Friday, in the latest reflection of how Wall Street is increasingly positive on the iPhone maker's position in a market where many trades related to artificial intelligence have been faltering. Most Read from Bloomberg - [Google Gemini Launch Delayed as Tech Falls Short of Internal Goals](https://www.bloomberg.com/news/articles/2026-07-16/google-gemini-launch-delayed-as-tech-falls-short-of-internal-goals?utm_campaign=bn&utm_medium=distro&utm_source=yahooUS) - [Thailand Scraps Plan to End Visa-Free Entry for Indian Tourists](https://www.bloomberg.com/news/articles/2026-07-14/thailand-drops-plan-to-end-visa-free-entry-for-indians-after-hit-to-tourism?utm_campaign=bn&utm_medium=distro&utm_source=yahooUS) - [Beckham's IM8 Gets $1 Billion From General Catalyst for Growth](https://www.bloomberg.com/news/articles/2026-07-14/beckham-s-im8-gets-1-billion-from-general-catalyst-for-growth?utm_campaign=bn&utm_medium=distro&utm_source=yahooUS) - [Nasdaq Futures Tumble 1.6% as Chip Rout Deepens: Markets Wrap](https://www.bloomberg.com/news/articles/2026-07-16/stock-market-today-dow-s-p-live-updates?utm_campaign=bn&utm_medium=distro&utm_source=yahooUS) - [US Cyclospora Outbreak Tied to Taco Bell Lettuce From Mexico](https://www.bloomberg.com/news/articles/2026-07-16/fda-to-warn-against-taco-bell-lettuce-in-5-states-over-parasite?utm_campaign=bn&utm_medium=distro&utm_source=yahooUS) Analyst Nicolas Cote-Colisson, who previously had a hold rating on the stock, wrote that the company "is now at an operational turning point," as "not only can the company stay away from the (too) high capex debate," but "it is also well placed to leverage its 2.5bn installed device base with its forthcoming revamped Apple Intelligence." Shares were little changed in premarket trading despite a broader selloff in tech stocks after the release of a new AI model from Chinese startup Moonshot. The stock has been a strong performer of late, up more than 20% since late June and trading at a record. Apple is the best performer among the so-called Magnificent Seven tech behemoths this year, and with a market capitalization of $4.89 trillion, it isn't far from overtaking Nvidia Corp. as the largest company in the world. Nvidia, the leader in AI chips, has a valuation of $5.02 trillion. The recent strength stands out, as many other areas of the tech sector have been struggling. Notably, the Philadelphia Stock Exchange Semiconductor Index has dropped 19% off a June peak, in a pronounced reversal of momentum. Read also: IBM's Warning Is a 'Hammer' Slamming Down on Tech's AI Outsiders While Apple's AI offerings have repeatedly frustrated investors, Cote-Colisson is optimistic about the company's agentic AI Siri digital assistant, which will be deployed this year. "This AI boost comes at the right moment, when we think Apple has one of its most innovative product pipelines in place," he wrote. He lifted his price target on the stock to $366 from $260. The target points to upside of roughly 10% from Apple's last close of $333.26. Apple is expected to release a foldable iPhone in September, in what many see as a significant potential catalyst, especially as the device is expected to carry a high price tag, which could help offset the impact of high prices for memory chips. "Combined with better AI, this could trigger a strong renewal cycle," the analyst wrote, referring to Apple's pipeline of hardware products.