Apple Upgraded as BNP Paribas Sees Path to Increase Market Share

Apple Inc. was upgraded to outperform from neutral by BNP Paribas, which said the iPhone maker can use the recent spike in memory prices as a way to increase its share of smartphone market share.

Prices for memory chips have risen sharply over the past few months, as demand for such components has surged amid the buildout of artificial intelligence infrastructure. This has prompted companies to raise prices for all manner of consumer electronics, although BNP sees Apple as better able to absorb the higher costs.