Apple shares rise as the tech firm taps the AI market to boost device sales

In what was seen as a move to catch up with Alphabet's Google and Microsoft-backed OpenAI, the iPad maker last month unveiled Apple Intelligence, luring customers to upgrade their devices to be able to use the new technology
Apple shares rise as the tech firm taps the AI market to boost device sales

Apple's shares, which have jumped nearly 20% this year, rose to $235.37 (€215.67) before the bell, giving the company a market value of about $3.6tn, the highest in the world. Picture: AP/Matthias Schrader

Apple's shares rose about 2% on Monday after Morgan Stanley raised its price target on the iPhone maker's shares and designated the stock as a "top pick", citing the company's AI efforts as a boost to device sales.

In what was seen as a move to catch up with Alphabet's Google and Microsoft-backed OpenAI, the iPad maker last month unveiled Apple Intelligence, luring customers to upgrade their devices to be able to use the new technology.

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