Apple (AAPL) stock touched a record hi꧃gh in intraday trading Monday as the tech giant received price-target increases from analysts who cited the company's strong position for the future of artificial intelligence (AI) use on smartphones.

Analysts from Loop Capital and Morgan Stanley each raised their price targets Monday, with Loop Capital analysts also upgrading Apple stock to "buy" from "hold," while bumping their 澳洲幸运5官方开奖结果体彩网:price target to $300, from $170 previously.

Apple shares were up 1.8% at $235.75 in recent trading, after rising to an all-time high of $237.23 early in t🐻he session.

New iPhone Could Make Apple GenAI 'Base Camp'

Loop analysts drew a comparison Monday to how the first iPods went on to make Apple the dominant force in music and digital content and how the first iPhones coincided with the rise of 澳洲幸运5官方开奖结果体彩网:social media. Similar to those advances, the analysts wrote that Apple's new AI-powered iPhones and iPads could make Apple the 澳洲幸运5官方开奖结果体彩网:generative AI "base camp" for users as the devices' generative AI services grow more powerful.

The rise of digital content and social media were "material stock catalysts" that helped Apple's stock rise substantially over time, and Loop analysts said generative AI could be a similar driving force.

Morgan Stanley analysts also wrote Monday that Apple's generative AI efforts will be a "clear catalyst" to sales for both iPhones and iPads, projecting that Apple could sell up to 500 million iPhones over the next two years, according to Reuters. Morgan Stanley analysts lifted their price target for Apple to $273 from $216, Reuters reported.

Apple Pivots to AI

The iPhone maker has made a number of moves as it increases its 澳洲幸运5官方开奖结果体彩网:focus on the AI space for 澳洲幸运5官方开奖结果体彩网:future iPhone and iPad releases, from 澳洲幸运5官方开奖结果体彩网:acquisitions to deals with 澳洲幸运5官方开奖结果体彩网:ChatGPT maker OpenAI.

AI was also a key element of last month's 澳洲幸运5官方开奖结果体彩网:Worldwide Developers Conference (WWไDC), as the company debuted its own "Apple Intelligence." Optimism over the WWDC announcements also drove Apple's stock to 澳洲幸运5官方开奖结果体彩网:record highs in June.