Apple (NASDAQ:AAPL) is positioned to be a significant player in the AI industry, but investment firm MoffettNathanson believes the stock price already reflects this potential. In a note to clients, the firm initiated coverage of Apple with a Neutral rating and set a price target of $211 per share, indicating that while Apple's AI strategy is robust, the market has already accounted for these developments. MoffettNathanson acknowledged that Apple is well-positioned for success in AI, yet cautioned that this optimism is already built into the current stock valuation. Despite initial concerns over Apple trailing in AI, the market has consistently shown confidence in its strategy, especially following the World Wide Developers Conference (WWDC) in June, where Apple outlined its AI roadmap. According to the firm, by the time of the WWDC, Apple's AI strategy—centered on "contextual awareness" and user data privacy—was well-anticipated, contributing to the stock's performance. Apple's focus on utilizing its extensive user base of over one billion for AI development, particularly in handling sensitive personal data, is a key component of its strategy. MoffettNathanson noted that Apple's AI efforts could drive an iPhone upgrade cycle, but the impact of this growth has already been priced into the stock, leaving limited upside potential from this narrative alone.