Apple Stock Soars to New Heights Amidst AI Revolution

Apple's stock continues to defy gravity, gaining a whopping 20.3% this year alone, outperforming the S&P 500 by nearly 11 percentage points.

The tech giant has seen its valuation soar to multiples that are significantly higher than its 10-year average, despite not being directly involved in the AI revolution and with the departure of long-time CEO Tim Cook looming.

Investors seem to view Apple as a safe-haven stock, shielded from the debt-fueled ambitions of companies like Oracle and Meta.

Goldman Sachs analyst Michael Ng believes that Apple's continued iteration of integrated AI features will drive longer-term demand for its products and services.