TLDR:
- Apple stock hit a record high of $237.49, up 2.7%
- Market valuation exceeds $3.6 trillion
- Stock has risen 37% over past six months
- New AI-powered iPhone and iPad mini released
- Analysts optimistic about future growth and upgrade cycle
Apple Inc. (AAPL) shares reached a record high on Tuesday, October 15, 2024, as investor enthusiasm for the company’s artificial intelligence (AI) initiatives and new product releases continues to grow.
The stock price climbed as much as 2.7% to $237.49, surpassing its previous peak set in July and solidifying Apple’s position as the world’s most valuable company with a market capitalization exceeding $3.6 trillion.

The recent rally in Apple’s stock price has been particularly impressive, even when compared to the broader tech sector.
Over the past six months, Apple shares have surged by 37%, more than doubling the 15.5% gain of the Nasdaq 100 Index during the same period. This outperformance has been driven by several factors, including the introduction of new AI-powered devices and positive analyst sentiment.
Last month, Apple launched its latest iPhone model, which features enhanced AI capabilities.
The company followed up this release with the introduction of a new iPad mini, also built to leverage similar AI technologies. These product launches have generated excitement among investors who see potential for increased sales and market share in the coming months.
Analysts from Evercore ISI have issued a tactical outperform trading call on Apple stock ahead of the company’s upcoming quarterly earnings report, expected later this month. The firm believes that concerns about the Chinese smartphone market are overstated and can be offset by growth in developing markets and a strong upgrade cycle in the United States. Evercore ISI’s survey work indicates strong upgrade demand, driven in part by the new AI features.
Melius Research has also expressed a positive outlook on Apple stock, citing the company’s “unparalleled buyback” program and expectations of accelerating growth amid a “multi-year cycle ahead in iPhone” sales. While early signs of demand for the new iPhone have been somewhat tepid, investors continue to show confidence in the stock, viewing it as a safe haven against macroeconomic uncertainty.
Apple’s financial performance has remained strong, with the company expected to report earnings per share (EPS) of $1.54 in its upcoming quarterly report, representing a 5.48% increase from the same quarter last year. Revenue is projected to reach $94.48 billion, a 5.57% rise compared to the previous year.
Despite the positive momentum, it’s worth noting that Apple’s current valuation metrics indicate a premium compared to its industry peers. The company’s Forward P/E ratio stands at 30.17, significantly higher than the industry average of 15.36. Additionally, Apple’s PEG ratio of 2.38 is above the Computer – Micro Computers industry average of 1.79.
With its record-breaking stock price and massive market capitalization, Apple remains a key player in the tech industry and a bellwether for the broader market.
As the company prepares to release its quarterly earnings report, all eyes will be on Apple to see if it can maintain its momentum and deliver on the high expectations set by investors and analysts.
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