• Apple (AAPL)'s stock reached an all-time intraday high of $348.36, driven by optimism over the launch of its first foldable iPhone, the iPhone Duo.
  • The rally follows strong June-quarter results, though some earnings benefits came from tariff refunds rather than recurring operations.
  • Investors now await the November 2 earnings report for clues on whether the premium-priced device can sustain momentum.

Record Intraday High

Apple shares touched a record $348.36 on Thursday, extending a rally that has been fueled by expectations for a new iPhone upgrade cycle. The stock closed the previous session at $348.22, up 1.23%, and was last up 0.4% intraday, according to market data. The move comes as Apple's first foldable phone, the iPhone Duo, goes on sale today, October 23, starting at $1,999.

The launch marks Apple's entry into a category pioneered by Samsung (005930.KS), Motorola (0992.HK), and Google (GOOG), and investors are betting that the company's brand and ecosystem can stimulate demand for the high-priced device. Early demand reports are encouraging, but they are not yet evidence of sustained sales or profitability, and analysts caution that the premium price point could limit broader consumer adoption.

Strong Quarter, but Questions Remain

The rally follows Apple's June-quarter results, which showed revenue rising 16% to $109.4 billion and diluted earnings per share climbing 29% to $2.02. However, the earnings figure included an $0.11-per-share benefit from tariff refunds, and gross margin of 50.1% was flattered by about 2 percentage points from those refunds, making the headline numbers less representative of recurring profitability.

iPhone revenue remained the primary driver, up 21.7% to approximately $54.25 billion, while services revenue grew 12.1% to $30.74 billion. Management's guidance for the fiscal fourth quarter points to revenue growth of 9%–11%, below the June quarter's pace, reflecting supply constraints, higher memory costs, and currency effects.

The leadership transition is also in focus. John Ternus succeeded Tim Cook as CEO on September 1, 2026, with Cook moving to executive chairman. Ternus, who previously led hardware engineering, is overseeing the launch of a significant new product category while inheriting a massive, profitable ecosystem. Investors will be watching closely to see if he can sustain Apple's execution.

Competitive and Regulatory Landscape

Apple is entering the foldable market after rivals have established a niche that still represents less than 5% of the smartphone market, according to analyst estimates. The company's playbook has often been to enter categories later and reshape demand through tight hardware-software integration, but whether it can expand the foldable segment—or simply redistribute existing premium-phone demand—remains an open question.

Meanwhile, regulatory and trade issues continue to simmer. In May 2025, President Trump threatened a 25% tariff on imported iPhones and pressed Apple to shift manufacturing to the U.S. Apple has been accelerating plans to supply most U.S.-sold iPhones from India by the end of 2026, according to reports. The EU's Digital Markets Act also poses a challenge to Apple's integrated ecosystem, though no new enforcement action has been announced.

The next major catalyst is Apple's fiscal fourth-quarter earnings report on November 2, when management's outlook and early sales data for the iPhone Duo will provide a clearer picture of whether the record share price is justified.

Correction: An earlier version of this article misstated the exact timestamp of the intraday high. The record was set during the October 22 session. Market prices change throughout the trading day.