The Apple stock has gained nearly 60% from the lows it made during the tariff tantrums in April, adding nearly $1.4 trillion to its value aided by easing tariff worries, and a positive response to its new launches. The stock also hit a new record high at the start of this month, and continues to trade around those levels.
Apple’s recent upmove has been aided by robust sales of its newly launched iPhone 17. Counterpoint Research said in a note that the iPhone 17 has outsold its predecessor, the iPhone 16, by 14% during the first 10 days of sale in the US and China.
Ahead of the major holiday season, Apple also launched new versions of the iPad Pro, Vision Pro, and entry-level MacBook Pro, with its new M5 chip, thereby boosting its product line.
“Despite missing out on AI so far, Apple hitting the $4 trillion market cap club is a watershed moment for Cupertino and Big Tech,” said Dan Ives, analyst at Wedbush Securities. “This is a testament to the best consumer franchise in the world.”
Nvidia was the first entrant to the $4 trillion club earlier this year, followed by Microsoft, which reclaimed the mark on Tuesday after its new pact with OpenAI.
Even as Apple trades near its peak, analysts remain divided on the company’s prospects. Among Magnificent Seven firms, Apple has the lowest ratio of analyst buy recommendations outside of Tesla. The consensus estimate of price targets implies a potential downside of 6% from current levels.
“We are now at the front end of Apple’s long-anticipated adoption cycle,” Loop analyst Ananda Baruah wrote in a note last week, upgrading his rating on the stock to buy from hold.
Apple shares ended little changed on Tuesday at $269, which is a record closing high for the stock.
(With Inputs From Agencies.)
