Apple reclaims first place as most valuable stock in artificial intelligence developments

(MENAFN) Apple Inc. has reclaimed its position as the world's most valuable stock, driven by a 2.5 percent increase in its shares to a record high. The surge came after Morgan Stanley raised its price target for Apple and designated it a "top pick," citing the company's advancements in artificial intelligence aimed at boosting device sales.

In a bid to rival tech giants like Alphabet Inc's Google and Microsoft-backed OpenAI, Apple recently introduced Apple Intelligence, encouraging users to upgrade their devices to leverage the new technology. This strategic move underscores Apple's commitment to integrating AI into its products to enhance functionality and user experience.

Following the announcement, Apple's shares climbed to USD236.30, elevating the company's market capitalization to approximately USD3.62 trillion, marking a historic high in global markets. Since the beginning of the year, Apple's stock has surged by approximately 20 percent, reflecting investor confidence in its growth prospects.

Morgan Stanley analysts highlighted Apple Intelligence as a significant catalyst expected to drive increased sales of iPhones and iPads. They revised their previous sales forecasts, projecting Apple to sell between 230 million and 235 million iPhones annually over the next two years. Additionally, Morgan Stanley raised its price target for Apple's stock from USD216 to USD273, underscoring bullish expectations for the company's performance fueled by its AI initiatives. 

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