Apple stock futures rose after Morgan Stanley increased

Apple stock futures rose after Morgan Stanley increased its FY2024 revenue forecast for Apple by 3%, driven by service segment acceleration in App Store and Apple Pay transactions. “Although near-term concerns of an AI-bubble persist,” the analyst added, “we see huge upside in the long-term for IT hardware. While there is a huge range of outcomes, we land at $1.3T for enterprise inference in the 2030 base case (67% 25-30E CAGR).” Nvidia ( NVDA ) stock rose 2% before the bell on Wednesday, as investor hopes grew around AI-fueled reports from TSMC ( TSM ) and Oracle ( ORCL ). Apple stock futures edged higher despite broader market caution, with several buy-side desks citing Apple’s recent push into AI-related hardware as a possible catalyst for valuation expansion.