Apple gains after Morgan Stanley calls stock ‘top pick’ for AI efforts

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.