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Apple AI is the focus of an investing firm after Apple Car's death

Apple will do fine without Apple Car

Wedbush believes Apple's alleged move to cancel the development of the Apple Car provides a laser focus on what's next for the company — AI.

Reliable sources say that Apple has ended work on Project Titan, meaning, if true, that an Apple Car will never see the light of day. This may disappoint some, but at least one investment firm is bullish about the move.

According to a note from Wedbush seen by AppleInsier, Apple disbanding Project Titan and focusing that team on AI initiatives is the right move. It would mean accelerating the development of Apple's AI initiatives as they become more important through 2024.

The note is mostly positive, focusing on the potential of Apple's entry into more defined artificial intelligence features. Rumors suggest iOS 18 could have a focus on AI, and Apple CEO Tim Cook has said that AI news is coming in 2024.

The comments reflect what Wedbush previously classified as an Apple renaissance with Apple Vision Pro and its products. Ultimately, cross-device functionality between iPhone, Vision Pro, and AI-powered products could propel consumer use cases.

Wedbush maintains an outperform rating with a price target of $250.