Apple (AAPL) stock investors appear to be fixated on soaring memory costs of late. However, Bernstein’s Mark Newman feels they’re looking in the wrong place and should start focusing on AI.

In doing so, Newman bumped his price target on Apple to $340 from $325. With shares of the Cupertino giant trading near $273, that implies a nearly 24% upside from current levels.

To be fair, though, Apple fans weren’t exactly pulling that idea out of thin air.

In fact, Apple CEO Tim Cook specifically addressed memory after the company posted another blowout quarterly report.

Still, when pressed about pricing being a possible lever for the iPhone 18,  Cook wouldn’t go there.

The cautiousness suggests Apple is still weighing…