Apple stocks closed at their first all-time high since January 2022 on Monday. The shares themselves rose by 1.6% to end the day at $183.79.
The strong stock performance comes a week after Apple announced a raft of new hardware and software during the WWDC 2023 event on June 5. That event saw the arrival of the first Apple silicon Mac Pro as well as an upgraded Mac Studio. The first 15-inch MacBook Air was also shown off for the first time.
Apple also announced its first foray into the world of AR/VR headsets with the Vision Pro, a product that won't go on sale until early 2024 and will cost at least $3,499 once it does.
Bloomberg reported on the stock move, noting that it brings Apple's 2023 advance beyond the 41% mark — compared to the 35% gain of the Nasdaq 100 Index.
As for why Apple is doing so well right now, it's all down to Apple's strengths, one analyst believes.
“Apple has a roadmap people are comfortable with, it has unbelievable cash flow, and you can’t do better than this incredible business model,” Wayne Kaufman, chief market analyst at Phoenix Financial Services told Bloomberg. “We’re seeing people come back following the bear market, and Apple is just one of the stocks where investors are comfortable owning it whether it goes up or down, because they’re confident they’ll make money over the long run.”
Most of Apple's new hardware went on sale today following strong reviews from members of the press. The Vision Pro headset has also been well received by those who have had a chance to test it out. That asking price still remains a concern, however, and Apple is thought to be working on a cheaper Vision Pro headset already.
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Oliver Haslam has written about Apple and the wider technology business for more than a decade with bylines on How-To Geek, PC Mag, iDownloadBlog, and many more. He has also been published in print for Macworld, including cover stories. At iMore, Oliver is involved in daily news coverage and, not being short of opinions, has been known to 'explain' those thoughts in more detail, too.
Having grown up using PCs and spending far too much money on graphics card and flashy RAM, Oliver switched to the Mac with a G5 iMac and hasn't looked back. Since then he's seen the growth of the smartphone world, backed by iPhone, and new product categories come and go. Current expertise includes iOS, macOS, streaming services, and pretty much anything that has a battery or plugs into a wall. Oliver also covers mobile gaming for iMore, with Apple Arcade a particular focus. He's been gaming since the Atari 2600 days and still struggles to comprehend the fact he can play console quality titles on his pocket computer.