【Moo Brief】Record-breaking surge: Apple stock soars 7% to record highs following AI announcements

$Apple (AAPL.US)$ hits a record high on day 2 of WWDC. The company unveiled a long-awaited AI strategy at WWDC this year, incorporating the revolutionary "Apple Intelligence" technology across its suite of applications including Siri, and bringing OpenAI's ChatGPT to its devices.

On Tuesday, Apple witnessed a substantial surge as its shares soared by 7.3%, marking the largest single-day increase since 2022 and setting a new record high for the year. This also marked the third time in the past three years that they have risen by more than 7%. The company's market capitalization surged by approximately $215 billion, propelling it beyond the 3 trillion mark and surpassing $NVIDIA (NVDA.US)$, thus edging closer to reclaiming its position as the largest company in the United States.

According to Morgan Stanley, the new "Apple Intelligence" technology is anticipated to boost upgrades and enhance user loyalty. The bank maintains its iPhone sales forecast for this year at 231 million units and projects sales of 247 million units for next year, as Apple AI meets expectations. Major Wall Street analysts also update their ratings for $Apple (AAPL.US)$, with price targets ranging from $164 to $238. Click here to see the latest investment ratings and price targets for Apple from 15 analysts.

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