Topline

The largest company in the world got even bigger on Tuesday: Apple set a new record as the Silicon Valley titan enjoys an extended boost from the release of the artificial intelligence-powered iPhone 16.

Important facts

Why did Apple stock go up today?

There was no single major catalyst that pushed Apple's stock price higher, and it certainly wasn't the product of a broader major tech rally, as shares of the other trillion-dollar West Coast firms Nvidia (-4, 4%), Microsoft (-0.4%), Alphabet (up 0.1%), Amazon (-1.3%) and Meta (-1.3%) largely struggled. It was likely a continuation of ongoing optimism that ranged from analysts' supply checks for the iPhone 16 released last month to Wall Street worries about global demand. Morgan Stanley analyst Erik Woodring said iPhone lead times, an indicator of smartphone demand, were “encouraging” and that the 56 million iPhones shipped last month were about 10% higher than expected, indicating a slight increase quarterly sales of approximately $2.5 billion. Apple also announced Tuesday its first new iPad Mini tablet since 2021, a model focused on AI applications.

What you should pay attention to

There are two important events coming up later this month: the October 28 launch of Apple Intelligence, the AI-focused iPhone operating software, and the quarterly results after market close on October 31. Analysts expect Apple's AI push to boost the company's financial performance, with analysts predicting record third-quarter revenue of $94 billion and net income of $24 billion.