Apple Stock Edges Closer to 52-Week High Amid Smartphone Market Surge

Apple Inc (NASDAQ:AAPL) stock is trading higher on Thursday, edging closer to its 52-week high as fresh data shows Apple gaining significant ground in the smartphone market.

A recent report from Counterpoint Research reveals that Apple's phone shipments have climbed 13% year-over-year, pushing its share of the global smartphone market to an all-time high of 21% for the quarter.

This surge can be attributed largely to strong consumer appetite for the iPhone 17 lineup. Notably, Apple stood alone among major phone makers in holding the line on pricing, even as rising memory chip costs pushed competitors to raise theirs.

Bank of America analysts also pointed out that phone carrier promotions are acting as a tailwind for iPhone upgrades, which should help offset higher prices on new iPhones.