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.