Apple, which saw a 3.2% jump the previous day, continued its strong momentum with a 3.7% surge today.
Apple shares climbed 3.65%, closing at $238.26 on Tuesday’s New York Stock Exchange. This rally pushed the company’s market capitalization to $3.583 trillion, bringing it close to the $3.6 trillion mark and solidifying its position as the most valuable U.S. company by market cap.
Apple also rose 3.18% the day before, closing at $229.86. This boosted its market cap to $3.457 trillion and reclaimed its spot as the most valuable company in the country.
The shift came after NVIDIA, which had held the top spot, saw its market cap fall by about 17%, dipping below the $3 trillion threshold. This allowed Apple to retake the lead.
While tech stocks broadly took a hit following a jolt from China’s AI firm DeepSEEK, Apple’s stock surged. This was partly due to Apple’s relatively cautious approach to AI investments, which appears to have worked in its favor during this downturn.
Apple has been slower than its competitors, like Samsung, in integrating AI into its products. This delay in AI adoption has kept Apple’s exposure to AI investments lower than other major tech companies, which has helped shield it from some of the turbulence hitting the sector.
Apple continued its rally today after its notable rise the previous day, climbing another 3.65%.
The latest surge follows bullish analyst predictions ahead of Apple’s earnings report on January 30. TD Cowen reiterated its Buy rating on Apple while raising its price target to $250, suggesting a potential 9% upside from its current price.
TD Cowen analysts cited strong expectations for Apple’s performance, driven by AI-related replacement demand, as the reason for the upward revision. Apple will release its earnings after the market closes on January 30, and analysts project a 4% year-over-year increase in revenue.