Suddenly, Apple (NASDAQ:AAPL) stock has turned a corner.

Through nearly half the year, Apple couldn’t do anything right. Sales of the company’s electronic devices were slumping, and it seemingly had no artificial intelligence strategy.

Sales of the iPhone, from which Apple derives half its annual revenue, was a particular trouble spot as the company lost market share in China. Apple stock was in the red through the first quarter. Even Warren Buffett trimmed his position.

But now, Apple stock is hot again and marching higher. The company’s share price bottomed at $164 in late April and has since risen 26%, cresting above $200 and moving back into the green.

AAPL stock is now up 12% on the year and analysts are again singing its praises. The sharp turnaround has been due to one thing: an AI strategy.

All-In on AI

At its annual Worldwide Developers Conference held earlier in June, Apple unveiled a raft of new AI products. Calling the strategy “Apple Intelligence,” CEO Tim Cook announced a revamped Siri digital assistant and the addition of OpenAI’s ChatGPT to future iPhones.

Going forward, Siri will be able to interact with messages, emails, calendars, as well as third party apps. Siri will also be able to write emails and change its tone of voice.

Initially, Apple stock fell 2% after details of the highly anticipated AI strategy were made public.

The initial chatter online complained that Apple’s approach focuses on consumers rather than the enterprise focus of its peers and rivals.

However, that negative view quickly changed as Wall Street analysts issued bullish notes on the strategy that Apple calls “AI for the rest of us.”

Analysts say Apple is taking the right approach as the new AI features are likely to convince its more than one billion users to upgrade to the next generation of iPhones.

The new AI features will only be available on the latest iPhones, starting with the iPhone 15 Pro as well as future models. This will require consumers to upgrade to get the benefits. The potential to drive future iPhone sales has lit a fuse under AAPL stock, sending it higher.

Other Good News

Beyond the AI strategy, which has proven to be a huge catalyst for Apple stock, the company and its share price are also benefiting from other good news that has been made public in recent weeks.

This includes news that Apple is ending its buy now, pay later loan program that it had started last year and that left many analysts scratching their heads.

Going forward, Apple will allow installment loans at its Apple Pay service through third-party companies rather than run the program itself.

Also, Japanese electronic parts maker TDK, which is a major battery supplier to Apple, says that it has achieved a breakthrough in the development of long-lasting solid-state batteries.

TDK says its new solid-state batteries are likely to lead to higher performance for wearable electronic devices such as the Apple Watch and Air Pods. Solid-state is viewed as a game-changing technology that could revolutionize consumer electronics.

Apple is making some positive moves regarding its newest consumer electronic device, the Vision Pro augmented reality headset. At its developers conference, Apple said that it plans to launch the Vision Pro in eight additional countries this year.

The company is also focusing on developing a cheaper model of the Vision Pro. Media reports say that Apple plans to release a cheaper version of its Vision Pro device with fewer features by the end of 2025. Analysts say a less expensive model should help to drive sales.

The Vision Pro’s current entry price is $3,499 and has proven to be a barrier for many consumers.

Buy Apple Stock

Apple stock has come full circle in a short period of time. A little more than a month ago, the company was being written off by a good number of people.

Sentiment has radically improved after the company unveiled a strong AI strategy that is likely to revive iPhone sales. Apple has also been the recipient of other positive news lately.

As it puts the troubles of the past few months behind it and looks to the future, Apple stock is a buy.

On the date of publication, Joel Baglole did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.