Apple stock hits new high

Apple shares closed the June 12 trading session at a record high, showing that the tech giant is regaining its market leadership position.

At the close of trading on June 12, Apple shares rose 1.6% to $183.79. This is the first time the code has reached a new peak since January 2022. Last week, after launching Vision Pro glasses, Apple shares also reached a record high, but could not maintain it until the end of the session.

Apple shares have risen 41% since the start of the year, outpacing the 35% gain in the Nasdaq 100 Index. The stock has remained popular despite market conditions, seen as a safe haven during the banking turmoil earlier this year.

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

Investors see a strong balance sheet and steady revenue streams as positives. Apple’s recent results have also topped forecasts, easing concerns about its growth prospects. Investors are also optimistic about Apple’s plans to expand and revive its retail chain.

"Apple has a roadmap that many people like. They have great cash flow and a great business model. We're seeing a lot of investors come back into the market. Apple is just one of those stocks that they feel comfortable owning, up or down, because they're confident it's going to make money over the long term," explained Wayne Kaufman, a market analyst at Phoenix Financial Services.

Apple’s rise will also support the broader market. Because Apple is now the largest company on Wall Street, with a market capitalization of $2.89 trillion. Previously, Apple had a historic market capitalization of $3 trillion.

Ha Thu (according to Bloomberg)

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