and hit a record high on Monday. After that, Morgan Stanley raised its price goal on the iPhone maker’s shares. They selected the stock as a ”top pick”. The company stated that its AI (artificial intelligence) efforts are a cause of higher sales of devices.
Additionally, analysts from Loop Capital raised their price target for Apple. The analysts view the company as a ”base camp” for many clients. They use generative artificial intelligence there.
Apple wants to catch up with Alphabet’s Google and Microsoft-backed OpenAI. The company revealed last month that Apple Intelligence invited consumers to upgrade their devices as they need an upgrade to use the technology.
Apple’s market capitalization grew, reaching a world record of $3.59 trillion. The next largest company is Microsoft, which recorded $3.36 trillion, $200 billion less than Apple.
Bloomberg followed the rise and stated a 33-year-over-year growth in Apple’s sales in India. This is a vital sign. It shows the company’s potential for growth. This potential comes despite issues with falling sales in China. Also, Loop Capital and Morgan Stanley considered Apple’s potential income. The income is from the debut of their first AI iPhone, which is months away.
"Apple Intelligence is a clear catalyst to boost iPhone and iPad shipments," Morgan Stanley analysts said. Morgan Stanley anticipated that Apple would sell between 230 million and 235 million iPhones per year. They also raised their price target on the company’s shares to $273 from $216.
On Monday, Loop Analysts compared how the first iPod made Apple a force in music and digital content. Also, the appearance of iCloud Drive helped to store music from the iPod better. Thus, iCloud Drive provides an all-in-one way to cloud security, as Wiz does. The coming of the first iPhone corresponds with the growth of social media. The company mentioned that it is an opportunity for Apple to identify as the ”Gen AI base camp of choice”.
The experts anticipate that Samsung and Apple will handle the assault. It is on the recovery of the global smartphone market this year. That’s because this year, companies have been buzzing around GenAI-enabled phones. The statistics mentioned that Apple sold 45.2 million phones globally by the end of June. This is an increase from last year, of 0.7 million higher than the previous year.
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