Apple (AAPL) stock hit an intraday high of $237.49 on Tuesday, surpassing its all-time high. Previous record was $237.23 After Nvidia’s gains put the iPhone maker’s lead in jeopardy, the rise in stock prices added about $70 billion to the company’s market capitalization, further pushing NVDA into the lead as the world’s most valuable company.
The stock continued to rise after hitting a new all-time high, rising about 1.5% in afternoon trading. Meanwhile, Nvidia fell about 4%.
Apple’s rise came a day after preliminary data showed an increase in iPhone demand in the third quarter. According to the International Data Corporation (IDC), global iPhone shipments increased 3.5% year over year.
“While the growth of Chinese companies in emerging markets has been a continuing theme this year, Apple also saw a 3.5% year-over-year increase in shipments in the quarter due to strong demand from previous models and the launch of the new iPhone 16 lineup. Nabila Popal, senior director of data and analytics at IDC, said in a statement on Monday.
“Despite the gradual rollout of Apple Intelligence in markets outside the US, Apple will continue to grow into the upcoming holiday season,” she added.
Apple on Tuesday released a new iPad mini equipped to perform a range of AI functions.
Apple is scheduled to report earnings on October 31st, and Wall Street analysts tracked by Bloomberg expect profits to rise 9% from a year ago to $1.59 per share. About 40 analysts have recommended the stock as a buy, while 19 have given it a hold rating and two have recommended a sell, according to Bloomberg data. Apple shares are up 32% over the last year, according to Bloomberg data, and analysts expect the stock to rise further above $245 over the next 12 months.
