Apple shares rise to record highs after Morgan Stanley named it a top pick and noted her efforts in the field of artificial intelligence, reported ag. Reuters, citing trade data.
At the July 15 high, the company's US shares rose 2.9% to USD 237.23. By the end of trading, growth had slowed to 1.67%, Apple shares were worth $234.40. Apple's capitalization reached 3.62 trillion. USD, making it the most valuable company in the world. By the end of trading, Apple was worth $3.59 trillion. USD.
Analysts at Morgan Stanley raised their price target on Apple shares from $216 to $273 and called them a top pick. According to them, the Apple Intelligence AI system will become a catalyst for the growth of iPhone and iPad sales. In the next two years, Apple will be able to sell about 500 million iPhones, analysts expect. At the end of 2023, Apple accounted for 17.3% of global smartphone sales, and in the second quarter of 2024 it fell to 15.8%, according to research firm IDC. According to its data, in April - June, Apple sold 45.2 million iPhones worldwide.
Apple unveiled its own AI system in June at a developer conference. At the same time, the company announced a partnership with OpenAI and plans to integrate ChatGPT into the Siri voice assistant. This contributed to the fact that Apple's shares rose significantly, which brought it to the first place in the world by capitalization a few days after the presentation. Apple shares are up 21.75% since the start of 2024.