Apple soared more than 6% intraday, hitting a historic high for the first time this year

On Tuesday, Apple's stock price hit a historic high for the first time this year, also marking the first intraday record high since December last year, highlighting investors' continuously improving confidence in Apple.

Apple's stock price surged more than 6% intraday, breaking through the $200 mark to reach $205.45. The stock has risen over 20% from its low point in April this year, entering a technical bull market. This rebound has increased its market value by over $500 billion, pushing its market cap back above the $3 trillion mark.

It is worth noting that after the end of the conference on Monday, Apple's stock price initially did not react well, closing down nearly 2%. According to statistics, in terms of stock price performance on the day of the annual WWDC conference, this is Apple's worst performance since 2010 and the fourth worst performance in the entire iPhone era.

Apple's latest stock price high occurred after the company's annual Worldwide Developers Conference (WWDC). This Monday, at the WWDC conference, Apple showcased a series of AI-related features and announced a partnership with OpenAI, integrating ChatGPT into the iPhone. Many investors were previously concerned that Apple was lagging behind other tech giants in the AI wave, but the latest WWDC made Apple's strategy in this regard more clear and defined.

D.A. Davidson analyst Gil Luria stated:

Apple's AI conference has sparked hopes that consumers will pay for the next generation of iPhones, and AI features may bring about a much-needed iPhone upgrade cycle, representing the growth catalyst that investors have been eagerly awaiting. Apple not only has consumers' information but also their trust, enabling it to provide deeply integrated features that standalone chat apps, PCs, and Android devices may not be able to fully replicate.

Based on these reasons, D.A. Davidson upgraded Apple's rating from Neutral to Buy.

Apple's recent significant rise began with its earnings report in early May, which alleviated concerns about its growth. At that time, Apple also announced the largest stock buyback plan in U.S. history, amounting to $110 billion. Benefiting from this report, May was the best-performing month for Apple's stock price since July 2022.

Despite Apple's stock price hitting a historic high on Tuesday, it has risen over 6% year-to-date, still lagging behind the Nasdaq 100 Index's 13% increase. Other large tech companies, including Microsoft, Amazon, Alphabet, and Meta, have achieved double-digit gains, with chipmaker Nvidia, focused on AI, soaring 146% and surpassing Apple's market cap at one pointAmong the "Seven Sisters" of US stocks, only Tesla has performed worse than Apple this year, with its stock price falling by more than 30% so far this year