Apple's Stock Surges to Record High, Driven by AI Efforts and Analyst Upgrades
TapTechNews July 15th news, Apple's stock price rose 2.5% in early trading on Monday, hitting a record high. As of TapTechNews' dispatch, Apple's stock price increased by 1.76% to $234.59, and its market capitalization exceeded $3.6 trillion.
Previously, Morgan Stanley raised Apple's stock target price and listed it as the preferred stock in the field of artificial intelligence, because Apple's efforts in artificial intelligence will boost the sales of its devices.
In order to catch up with Google and OpenAI supported by Microsoft, Apple previously released the AppleIntelligence artificial intelligence system to attract users to upgrade their devices to use this new technology.
Since the beginning of this year, Apple's stock price has risen by nearly 20% at its highest to $236.30, making Apple's market capitalization reach $3.62 trillion and becoming the world's most valuable company.
AppleIntelligence will significantly stimulate the shipment volume of iPhones and iPads, said a Morgan Stanley analyst.
The analyst pointed out that this new technology is currently only compatible with 8% of iPhone and iPad devices, and Apple currently has 1.3 billion smartphones in use by users. They expect that Apple may sell nearly 500 million iPhones in the next two years.
Morgan Stanley previously expected Apple to sell 230 million to 235 million iPhones each year in the next two years, and now raised Apple's stock target price from $216 to $273.
According to LSEG data, Apple's stock currently has an average analyst rating of buy, and the median target price is $217. Since the beginning of this year, Apple's stock price performance has also been stronger than the S&P 500 index.
Industry analysts expect that thanks to the upsurge of the new generation of artificial intelligence mobile phones, Samsung and Apple will lead the recovery of the global smartphone market this year. According to IDC data, Apple sold 45.2 million smartphones globally in the three months ending in June, higher than 44.5 million in the same period last year, but its market share decreased from 16.6% last year to 15.8%.