Shares of technology companies rallied as upward momentum in the sector resumed.
Apple shares rallied after analysts at brokerage Morgan Stanley recommended buying into the iPhone maker on recent weakness, saying "not only are fundamentals on the path to recovery (albeit with some near-term unevenness) ... more importantly, 2024 will be the year when Apple's 'Edge AI' opportunity likely comes to fruition.
"A broader Gen AI-enabled operating system ... has the potential to catalyze an iPhone upgrade cycle," said the Morgan Stanley analysts.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
01-08-24 1823ET
