We cannot deny Apple (AAPL 0.36%) has been one of the most rewarding market stocks of the modern era. A $10,000 investment in this popular tech giant 20 years ago would be worth nearly $2.5 million today. Mainly credit the invention of the iPhone.

The argument that Apple’s peak growth days are in the past is reasonable, however. Neither iPhone revenue nor unit sales of the popular smartphone are increasing, and they alone still account for about half of the company’s revenue and bottom line. While its services arm is respectable, it simply isn’t the growth engine that the iPhone was several years ago.

Maybe investors can find better opportunities than this.

Before you put Apple back on the shelves and finally forget about it, you might want to take a closer look at this company’s foreseeable future. The tech giant still has a few tricks up its sleeve that could help turn its shareholders into millionaires.

AI to revive stagnant iPhone business

Don’t misread the message. It’s unlikely that Apple stock will be able to catch another wave like the one it experienced starting in 2007, when the very first iPhone was unveiled. The iPhone was a once-in-a-generation product that will never be completely replaced as a profit center.

Even halving Apple stock’s gain over the past 20 years over the next 20 years would still make it a better return than most other tickers are likely to be over that period. The necessary growth engines are certainly in place.

One of them is of course the advent of artificial intelligence.

While Apple was admittedly late to the AI ​​party, it has made up for lost time with what is arguably a superior, easy-to-use solution. Its so-called Apple Intelligence puts powerful generative AI tools such as email summarization, writing tools and photo cleanup in the hands of users, in addition to transforming Siri into a separate digital assistant whole. Additionally, this intensive digital work is handled by the device itself rather than outsourcing these tasks to a cloud platform and then sending the information back to the iPhone or iPad in use. This will definitely make using AI faster. It could also improve it, finally stoking investor interest in such technology, which until now has been only mundane.

And this necessary request will will eventually materialize too… at least according to technology market research company IDC. It predicts that sales of generative AI-enabled smartphones will reach 234 million units this year, but will explode to 912 million such mobile devices in 2028. Consumers simply need a little more time to understand the value of these AI tools.

Are you sneaking into the data center chip business?

However, it’s not just the consumer side of the artificial intelligence revolution that could fuel Apple stock for the foreseeable future. The company is also moving deeper into the chip manufacturing business.

Years ago, Apple simply used semiconductors for its hardware like Macs, then the iPhone, then its iPad. Over time, however, it was able to request more customization of its silicon, most of which was based on Arm holds‘ARM processor architecture. Now – with the benefit of this being clear – the company largely designs its own chips and hires third-party manufacturers to make them to specifications.

This, however, is not the curious part of evolution. What is notable is how the company might intend to use these semiconductors. While some of this underlying R&D is certainly found in its latest iPhones and iPads, it has been hinted that Apple is actually designing processors for use in AI. data centerspaving the way for entry into waters that it doesn’t really seem interested in diving any deeper into.

Apple itself has said little on the subject, so take this suggestion with a grain of salt. Of course, the company wouldn’t say much, even if it plans to become a major player in AI data centers. He would only confirm this when it was ready to be fully launched.

However, it’s safe to say that if Apple wanted to go all-in on the AI ​​data center business, it has the technological know-how to make a splash. Or, it could do something adjacent to that business that might prove even more marketable, with less competition.

Whatever opportunity presents itself, at stake is a portion of the AI ​​data center market that research firm Lucintel predicts is expected to grow at an annualized rate of 22.5% by 2030.

Definitely worth owning

Again, there will never be another iPhone, and therefore never another wave of revenue and profit growth like the one it unleashed for Apple. As the old saying goes, lightning never strikes the same place twice.

There is, however, an underappreciated opportunity ahead for current and potential Apple shareholders. This is simply different than what drove this stock so high in the recent (and not so recent) past. Apple has evolved, and rightly so. Indeed, in an environment where too many companies are unwilling or unable to scale, the fact that Apple can – and does – strengthens the argument that it could help you hit the seven-figure savings mark .