Apple stock hits record high due to strong demand for iPhone 16, holding steady market share

From CNBC.: 2024-10-15 12:37:39

Apple shares hit an all-time high due to strong demand for the iPhone 16, with shipments rising 3.5% YoY. The IDC report shows Apple’s global smartphone market share holding at 17.7%. The company’s new suite of generative AI tools, Apple Intelligence, is expected to drive growth in the upcoming holiday season. Despite skepticism from analysts, Evercore ISI listed Apple as a tactical outperform. With Nvidia pulling back, Apple retains its position as the most valuable publicly traded U.S. company. Jim Cramer believes Apple stock has more upside potential, particularly as the AI-driven iPhone upgrade cycle unfolds. Apple CEO Tim Cook inspected the new iPhone 16 during an Apple special event at the company’s headquarters in Cupertino, California.



Read more at CNBC.:: Apple stock hits record as new smartphone data sides with the bulls