Apple (AAPL)

Apple shares rose to a record high during Monday's trading session and were the number one trending ticker in pre-market trading after Morgan Stanley designated the stock as a "top pick" due to the company's artificial intelligence (AI) push to boost device sales.

The iPhone maker last month unveiled Apple Intelligence, in a bid to lure customers to upgrade their devices to be able to use the new technology. The move came as Apple was seen as lagging behind Alphabet's (GOOG) Google and Microsoft-backed (MSFT) OpenAI in the AI race.

"Apple Intelligence is a clear catalyst to boost iPhone and iPad shipments," Morgan Stanley analysts said.

They added that Apple could sell nearly 500 million iPhones over the next two years. The investment bank previously expected Apple to sell between 230 million and 235 million iPhones annually over the next two years and raised its price target to $273 from $216 based on the new projections.

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The stock has an average rating of "buy" with a median price target of $217, and has outperformed the S&P 500 index this year, according to London Stock Exchange data.

Apple stock has risen more than 26% year to date and over 8% in the last month.

Ocado (OCDO.L)

Ocado said losses narrowed significantly in the latest six-month period, as it lifted its forecasts on signs that demand for online deliveries was picking up again.

The group reported a £154m ($199.7m) pre-tax loss for the six months to 2 June against losses of £290m a year ago.

It notched up revenues of £1.54bn for the first half, boosted by a 21.8% surge in its technology solutions business, which powers online grocery businesses and automated warehouses for other retailers.

Ocado retail — run as a joint venture with Marks & Spencer (MKS.L) — saw revenues rise 11.3%, helping the division swing to underlying earnings of £20.7m from a £2.5m loss a year earlier.

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Ocado has shifted its focus in the last few years to providing B2B robotics and automation services, with some suggesting it could spin out the retail business to focus solely on tech.

“We have come through an unprecedented period for online grocery, with multiple years of high food inflation following a surge in demand during the pandemic. The global channel shift to online has now resumed and Ocado is uniquely well-positioned to take advantage of the opportunity,” Tim Steiner, chief executive of Ocado Group, said.