Shares of Apple (NASDAQ: AAPL) have been rallying in recent weeks as the company’s slow-and-steady approach to artificial intelligence may be winning over investors after all.
While there have been concerns that it’s been moving too slowly, the stock’s recent gains suggest the market isn’t all that concerned
Amid the recent rally, it also briefly surpassed Nvidia in terms of market cap. Although it has given back some of its gains, at around $4.8 trillion, it’s not far behind the chipmaker’s $4.9 trillion valuation. Apple’s stock has hit a new all-time high along the way, and it’s up 20% since the start of the year.
Has it gotten too expensive, or can this “Magnificent Seven” stock still rise higher? Has Apple benefited from a market rotation? In recent weeks, there’s been growing bearishness around many memory and storage stocks, including Micron Technology and Sandisk, which have been generating impressive results due to supply shortages.