Dear AppLovin Stock Fans, Mark Your Calendars for October 1

When artificial intelligence (AI) is upending every industry known to the world, can advertising be far behind? After crypto mining company Cipher (CIFR) got Google's (GOOG) (GOOGL) backing for its pivot towards the industrial data center business, mobile ad tech company AppLovin (APP) is set to launch a self-serving tool targeting non-gaming advertisers on Oct. 1.

AppLovin's AI-based ad engine, Axon Ads Manager, will do away with the manual onboarding process for the company's e-commerce and other non-gaming customers, leaving analysts at Morgan Stanley and Phillip Securities believing that this could be a game-changer for the company. While Phillip Securities has assigned an “Accumulate” rating for the stock with a $725 price target, Morgan Stanley has considerably raised its price target on the stock to $750 from $480 while reiterating its “Overweight” rating.