Apple shares hit a new high.

Apple shares closed at a record high on June 12, showing that tech giants are regaining their market leadership position.

At the close of trading on June 12, Apple shares rose 1.6% to $183.79. This marks the first time the stock has reached a new high since January 2022. Last week, following the launch of the Vision Pro glasses, Apple shares also briefly hit a record high, but failed to maintain it until the end of the trading session.

Since the beginning of the year, Apple stock has risen 41%, outperforming the Nasdaq 100's 35% gain. The stock remains popular, regardless of market conditions. It's considered a safe haven during the banking sector's volatility earlier this year.

Apple stock performance over the past 3 years. Chart: Bloomberg

Investors view Apple's strong balance sheet and stable revenue streams as positive. Recent Apple results have also exceeded expectations, easing concerns about growth prospects. Furthermore, investors are optimistic about Apple's plans to expand and revitalize its retail chain.

"Apple has a roadmap that resonates with many people. They also have very strong cash flow and an incredibly successful business model. We're seeing many investors returning to the market. Apple is just one of the stocks they feel comfortable owning, whether the price goes up or down. Because they're confident the company will make money in the long term," explains Wayne Kaufman, a market analyst at Phoenix Financial Services.

Apple's growth will also support the overall market. This is because Apple is currently the largest company on Wall Street, with a market capitalization of $2.89 trillion. Previously, Apple reached a historical market capitalization of $3 trillion.

Ha Thu (according to Bloomberg)

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