Apple Stock Hits Record on Optimism AI Will Spur iPhone Sales
- Shares have outperformed of late, erasing recent weakness
- Investors bet an AI iPhone will lead to a big upgrade cycle
Apple has been supported by excitement over the introduction of an iPhone with AI features, which went on sale last month.
Photographer: Dhiraj Singh/BloombergThis article is for subscribers only.
Apple Inc. shares rose to a record high on Tuesday, extending recent gains fueled largely by optimism that the company will gain from the rollout of artificial-intelligence-powered iPhones.
The stock rose as much as 2.7% to $237.49, pushing back over the previous peak hit in July. The rally has cemented Apple’s status as the world’s largest company, with a market valuation above $3.6 trillion.