Apple yesterday returned to being the most valuable company in the world, after a new record high saw the company valued at $3.62T.
AAPL stock jumped 2.5% in just one day after Morgan Stanley pointed to the companyβs AI work, and named it a βtop pickβ β¦
The title of the worldβs most valuable company by market capitalization changes from time to time, depending on the relative stock prices of the various contenders. Winners at any given point have included Apple, Aramco, Exxon Mobil, and Microsoft.
Microsoft took the lead back in January, riding high on its AI credentials β and itβs now this same reasoning Morgan Stanley has given for its AAPL pick.
Reuters reports.
Appleβs shares rose 2.5% to a record high on Monday after Morgan Stanley raised its price target on the iPhone makerβs shares and designated the stock as a βtop pick,β citing the companyβs AI efforts as a boost to device sales [β¦]
Appleβs shares, which have jumped nearly 20% this year, rose to $236.30, giving the company a market value of $3.62 trillion, the highest in the world.
βApple Intelligence is a clear catalyst to boost iPhone and iPad shipments,β Morgan Stanley analysts said.
Key here is that the iPhone 15 Pro and Pro Max are the only two existing iPhone models which will support the full range of Apple Intelligence features, which is likely to drive a supercycle of sales for this yearβs iPhone 16 line-up.
Additionally, the requirement for an Apple Silicon chip for AI on Macs will likely spur many Intel holdouts to upgrade to an M-powered Mac.
Photo byΒ Dmytro GlazunovΒ onΒ Unsplash
