Photograph by Kevin Frayer/Getty Images

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Apple is on the cusp of big innovations that will affect the health-care industry, according to Morgan Stanley.

The back story. Apple stock (ticker: AAPL) has rallied 25% so far this year, as investor sentiment regarding its strategic shift to services has improved.

Last month, the company unveiled an array of new paid services, such as Apple TV+, a streaming video subscription offering; Apple Arcade, for gaming; and Apple News+, for news and magazines.