Apple at all-time high after Morgan Stanley calls stock 'top pick' for AI efforts

FILE PHOTO: Customers walk past an Apple logo inside of an Apple store at Grand Central Station in New York, U.S., August 1, 2018. REUTERS/Lucas Jackson/File Photo

(Reuters) -Apple's shares rose 2.5% to a record high 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.