Apple shares closed at an all-time high Thursday after Wedbush analysts raised their price target for the stock, telling clients they expect the iPhone maker could be headed for a "golden era of growth" driven by demand for artificial intelligence.

While the tech giant initially lagged behind its peers in AI, Apple is now slowly establishing its presence. The unveiling of “ Apple Intelligence ” in June, its personal intelligence system combining the power of generative models with personal context and a strategic partnership with ChatGPT,

With Apple stock in record-high territory, a longtime Apple bull on Thursday raised his price target to the highest level on Wall Street.