AAPL continues to trade near all-time highs following a strong rally in recent weeks. The stock has already gained more than 20% since the start of the second quarter, with fresh momentum driven by expectations for WWDC 2026 and a major update to Apple Intelligence.
The market is no longer buying current iPhone sales, but rather a future AI-driven growth story: investors are increasingly pricing in the possibility that Apple can transform its ecosystem of more than 2 billion devices into the world’s largest consumer AI platform.
The rally is driven by expectations, not earnings
The latest price surge is primarily fueled by anticipation surrounding Apple’s new Siri and AI infrastructure. According to leaks and analyst commentary, the company is preparing the most significant upgrade to Siri in its history — with deeper contextual understanding, broader app integration, and functionality approaching that of modern AI agents. As a result, the market is effectively treating WWDC as Apple’s key event of the year. Against this backdrop, the stock recently hit a new all-time high above $311, with the company’s market capitalization once again nearing record levels.
Wall Street raises targets alongside the rally
Analyst sentiment has improved noticeably. Bank of America raised its price target to $380, while Wedbush increased it to $400 — one of the most aggressive forecasts for Apple in recent years. The logic is straightforward: if the AI era shifts from standalone models to personal digital assistants, the key advantage will not be the neural network itself, but control over the user, device, payments, and personal data. This is precisely where Apple holds one of the strongest competitive positions in the market.
The main risk is elevated expectations
At the same time, the current rally already reflects a significant portion of future expectations. The stock is trading at a premium to its historical multiples, and the market is effectively demanding a convincing demonstration of Apple’s AI strategy as early as June. If the company delivers a truly next-generation Siri and a clear monetization model for Apple Intelligence, the rally may continue. However, if the presentation falls short of expectations, profit-taking could follow after such a strong run. For AAPL, the key factor now is no longer quarterly earnings, but the ability to prove it can become a major winner in the AI cycle.
Near-term outlook
Sustained demand on pullbacks toward support around $308 suggests that AAPL still has a chance to break above resistance at $312 and move toward $320. However, as noted in the article Apple faces risk of deeper correction, a lack of bullish follow-through could trigger long liquidation.
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