Apple (AAPL) stock hit a new intraday high of $237.49 on Tuesday, surpassing its previous high of $237.23 on July 15. The stock’s rise added about $70 billion to its market cap, further pushing it ahead of Nvidia (NVDA) as the world’s best-selling stock. valuable company after Nvidia’s profits threatened the iPhone maker’s lead.
The stock pared gains after hitting the record, gaining about 1.5% in afternoon trading. Meanwhile, Nvidia fell about 4%.
Apple’s upward move comes a day after preliminary data showed rising demand for iPhones in the third quarter. According to the International Data Corporation (IDC), global iPhone shipments increased 3.5% from last year.
“While the growth of Chinese emerging market players has been an ongoing theme this year, Apple also saw 3.5% year-on-year growth this quarter, fueled by strong demand for its previous models and the launch of the new iPhone 16 series,” he says. Nabila Popal, IDC’s senior director of data & analytics, said in a statement on Monday.
“Despite the staggered rollout of Apple Intelligence in markets outside the US, Apple will continue to grow in the upcoming holiday season,” she added.
Apple on Tuesday released its new iPad mini, equipped to run its suite of AI features.
Apple will report earnings on October 31, and Wall Street analysts tracked by Bloomberg expect profits to rise 9% from last year to $1.59 per share. According to Bloomberg data, about 40 analysts recommend buying the stock, while 19 have a Hold rating and two recommend selling shares. Apple shares are up 32% year-over-year, and analysts see the stock rising further to above $245 in the next 12 months, according to Bloomberg data.
