## Apple Shares Hit Record High, Boosted by AI-Powered iPhones

Apple Inc.'s stock climbed to new heights on Tuesday, driven by enthusiasm over the company's latest technological advancements. The shares surged as much as 2.7%, reaching $237.49 and surpassing the previous peak set in July. This latest rally strengthens Apple's standing as the world's most valuable company, with an impressive market valuation exceeding $3.6 trillion.

Over the past six months, Apple's stock has surged 37%, a remarkable increase compared to the Nasdaq 100 Index's 15.5% gain. The surge has been primarily fueled by the recent launch of an iPhone equipped with artificial intelligence features, which hit the market last month. Additionally, Apple introduced a new iPad mini earlier on Tuesday, also optimized for AI capabilities.

Analysts have responded positively to the company's prospects. Evercore ISI issued a tactical outperform trading call ahead of Apple's quarterly results later this month. The firm acknowledged concerns about the Chinese smartphone market but noted strong growth potential in developing markets and an anticipated strong upgrade cycle in the United States, partly driven by AI features.

Melius Research echoed this sentiment, pointing to Apple's "unparalleled buyback" program and forecasting robust growth amid a "multi-year cycle ahead in iPhone." Despite initial indications of modest demand for the AI-powered phone, investors continue to favor Apple as a safe investment, particularly amid broader economic uncertainties. There's also optimism that upcoming quarters will see a significant upgrade cycle, driving renewed growth for the tech giant.