Apple Micron Qualcomm Stocks Hit 52-Week Highs on AI Demand

Apple, Micron Technology, and Qualcomm all reached 52-week highs on Thursday, driven by strong AI-driven demand and positive market sentiment. Apple's stock hit an intraday high of $292.13, closing slightly lower at $292.12. The company's iPhone sales surged 21.7% in the latest quarter, marking the second consecutive quarter of growth above 20%. Apple's second-quarter results also exceeded market expectations, and guidance for the upcoming quarter was strong. The appointment of John Ternus as the next CEO has further bolstered investor confidence, with AAPL stock gaining over 5% since the announcement on April 20.

Micron Technology's stock jumped to an all-time high of $683.09 during market hours, continuing its sixth consecutive week of gains. Analysts have turned increasingly bullish on the company, with Mizuho analyst Vijay Rakesh raising the price target to $740 from $545. The highest price target for Micron is from DA Davidson at $1,000, indicating a potential upside of about 55%. The semiconductor rally, surging chip prices, and a memory shortage have contributed to Micron's gains.

Qualcomm's shares reached a high of $223.66 in intraday trading before closing 5.14% higher. The company's strong second-quarter results, a $20 billion share buyback authorization, and a partnership with OpenAI have garnered attention on Wall Street. Daiwa analyst Louis Miscioscia upgraded Qualcomm to 'Outperform' with a $225 price target, indicating an upside potential of about 11%. Baird has the highest price target on Qualcomm at $300, suggesting a 48% upside potential.