(MENAFN) Apple Inc. has reclaimed its place as the world’s most valuable stock, pushed by a 2.5 p.c improve in its shares to a document excessive. The surge got here after Morgan Stanley raised its worth goal for Apple and designated it a “high choose,” citing the corporate’s developments in artificial intelligence geared toward boosting system gross sales.
In a bid to rival tech giants like Alphabet Inc’s google and Microsoft-backed OpenAI, Apple just lately launched Apple Intelligence, encouraging customers to improve their units to leverage the brand new expertise. This strategic transfer underscores Apple’s dedication to integrating AI into its merchandise to boost performance and consumer expertise.
Following the announcement, Apple’s shares climbed to USD236.30, elevating the corporate’s market capitalization to roughly USD3.62 trillion, marking a historic excessive in international markets. For the reason that starting of the 12 months, Apple’s stock has surged by roughly 20 p.c, reflecting investor confidence in its progress prospects.
Morgan Stanley analysts highlighted Apple Intelligence as a big catalyst anticipated to drive elevated gross sales of iPhones and iPads. They revised their earlier gross sales forecasts, projecting Apple to promote between 230 million and 235 million iPhones yearly over the following two years. Moreover, Morgan Stanley raised its worth goal for Apple’s stock from USD216 to USD273, underscoring bullish expectations for the corporate’s efficiency fueled by its AI initiatives.
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