iPhone owner; Apple sees shares surge to a record high during a trading session, becoming the top trending ticker in pre-market trading.

This valuation came in after Morgan Stanley designated the Apple stock as a “top pick.” in the stock market.

This optimistic outlook is driven by Apple’s recent initiatives in artificial intelligence (AI) aimed at boosting device sales.

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iPhone; Apple Intelligence

In June of 2024 during its live event, Apple introduced Apple Intelligence, a new AI technology designed to entice customers to upgrade their devices.

This strategic move is seen as an effort to catch up with competitors like Alphabet’s Google and Microsoft-backed OpenAI, who are currently leading the AI market.

However, Apple has been known to take time in innovating to ensure perfection in its entry category, which sets the pace for subsequent mid and small-tier entry mobile companies.

“Apple Intelligence is a clear catalyst to boost iPhone and iPad shipments,” Morgan Stanley analysts commented.

Morgan Stanley projected that Apple could sell nearly 500 million iPhones over the next two years.

This increase poses a significant boost from their previous estimate of 230 million to 235 million units annually.

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Morgan Stanley stock increase

In light of these projections, Morgan Stanley has raised its price target for Apple shares to $273 from $216.

This increase reflects the increased confidence in the company’s potential growth fueled by its AI advancements.

This surge in Apple’s stock underscores investor optimism about the company’s ability to leverage AI to drive future sales.

Essentially boosting sales is one step towards maintaining its competitive edge in the evolving tech industry.

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