New York, May 28, 2026, 18:11 (EDT)
- Apple traded up around 0.5% to $312.51, having hit $312.59 earlier in the session.
- Bank of America and Melius both boosted their Apple targets this week, linking their positive view to AI and Siri.
- WWDC kicks off June 8, with Apple set to lay out its software and AI plans for investors.
Apple stock hit another high on Thursday, with bulls looking ahead to next month’s developer conference. The market is watching if the iPhone maker can use artificial intelligence to drive a new round of upgrades after some viewed AI as a weak spot.
Apple shares traded at $312.51, up $1.65. The stock hit $312.59 earlier. Volume passed 48 million. Apple’s market cap was around $4.6 trillion.
Why now? That is clear. Investors have stopped debating if Apple is late to AI. Now the question is if Apple’s grip on the iPhone, chips and payments will let it become a bigger gatekeeper as AI tools begin to handle tasks and not just answer questions.
The move happened with the market steady. S&P 500 and Nasdaq finished at record highs Thursday, lifted by tech, steady earnings and less worry about the U.S.-Iran conflict, Reuters wrote.
Bank of America’s Wamsi Mohan lifted his Apple target to $380 from $330 and left his Buy rating unchanged. Mohan said agentic AI, a type of software that acts for users across apps and services, could push more value to platform owners that handle identity, permissions, payments, and trust. He wrote that if AI assistants turn into the new entry point for search, commerce, and tasks, Apple would have “meaningful leverage” over model providers, app developers, merchants, and payment networks. Investing.com UK
Melius analyst Ben Reitzes bumped up his target to $385 for Apple and said the company “may be on the brink of some real AI sizzle,” TipRanks reported. He also noted a better Siri could serve as an “agent-style interface,” with investors using that phrase to mean an assistant that takes action, not just answers questions. TipRanks
Apple set its Worldwide Developers Conference for June 8-12, including a keynote on June 8 that will cover “AI advancements” in platform updates. The event looks like a near-term test for the stock. Expectations have gone up quickly. Apple
Alphabet looks like both a competitor and a partner here. Reuters said in January that Apple and Google made a multi-year agreement for Gemini models to power a new version of Siri expected this year, bringing Alphabet into Apple’s AI effort while Google, Microsoft and OpenAI continue to drive the AI market for consumers and businesses.
Apple posted fiscal Q2 revenue of $111.2 billion, a 17% jump from last year, and earnings per share of $2.01, up 22%. CEO Tim Cook called iPhone demand “extraordinary.” Apple also greenlit a fresh $100 billion buyback. Apple
Apple’s leadership is set to shift in an unusual way. Cook will move to executive chairman on Sept. 1 and hardware boss John Ternus will step in as CEO. Ternus said in Apple’s statement he was “filled with optimism.” Cook called Ternus “the right person” to lead. Apple
WWDC could fall short of expectations. Apple’s latest quarterly filing flags AI risks tied to reputation, competition, regulation and legal issues. Gross margins are under pressure from component costs, tariffs, supply limits and rivalry. Apple also warns that weaker demand for one key product could hurt sales and margins. That’s a clear nod to the iPhone’s role in the numbers.
For now, investors want to see proof. Apple doesn’t have to mirror Nvidia or Microsoft to keep its rally going. It just has to prove Siri, the iPhone and its services actually matter in AI before the latest record price seems shaky.
