For much of 2026, Apple (NASDAQ: AAPL) stock looked like a laggard.
A drawdown earlier in the year had shares down by mid-single digits at one point in April
But sentiment has flipped quickly following the iPhone maker’s recently posted record fiscal second-quarter results, which have helped the stock rally over the past month, putting shares at an all-time high on Friday. But has the rally already gone too far? I don’t think so.
Below are a few reasons the stock could still have room to run. Strong product momentum Apple’s fiscal second-quarter results, posted on April 30, showed how quickly the company’s narrative has shifted. Total revenue rose 17% year over year to $111.2 billion — the company’s best March quarter on record — with double-digit growth across every geographic segment and growth across every product category. iPhone revenue grew 22% to nearly $57 billion despite supply constraints.