Apple Inc.'s (AAPL, Financial) stock continued its upward trajectory, reaching a record high as investors anticipate significant benefits from the launch of its AI-powered iPhone. The stock surged by 2.7% to $237.49, marking its first record high since July, and reinforcing Apple's position as the world's largest company with a market capitalization surpassing $3.6 trillion.
While there have been broader gains among major tech companies, Apple's performance stands out as particularly robust. Over the past six months, Apple shares have climbed by 37%, more than doubling the 15.5% gain of the Nasdaq 100 Index. The excitement surrounding the AI-enabled iPhone, available for purchase since September, has been a key factor supporting this stock surge. Apple also launched a new iPad mini with similar features.
Apple received a "tactical outperform" rating from Evercore ISI, highlighting its strong market position as it prepares to release its earnings later this month. Additionally, Melius Research expressed optimism about Apple's unprecedented stock buyback program and accelerating growth prospects.
Despite mixed early demand signals for the new phone, investors continue to favor Apple as a defensive asset against macroeconomic uncertainties. There is further optimism that a significant upgrade cycle in coming quarters will drive renewed growth for the company.
