Apple shares closed at a new record high of $338.98 after investors responded both to how improved Siri AI is, and how much attention the firm has had for its iPhone Duo.
Back in May 2026, Apple's shares twice hit record highs, taking it over the psychologically significant $300 mark. Since then, John Ternus has taken over as CEO in a particularly smooth transition from Tim Cook, and Apple has launched new hardware and software.
The stock price closed at $338.98 on Monday, breaking the previous record close of $338.49. AAPL's slow growth is interesting to observe even as some pundits paint Apple as behind at AI or lacking innovation.
The iPhone Duo answers investors' criticisms that Apple has been late to the foldables market. Not only does Apple now have a foldable iPhone, but it's done its usual thing of being late but probably best.
Remarkably, Apple has managed to position itself as the best foldable maker despite the price of the iPhone Duo. And despite the fact that the device hasn't even shipped yet.
What has shipped, of course, is iOS 27 and the much-awaited update with Siri AI. Where before the story was that Apple was dramatically behind on AI, suddenly things have switched to it being at least level, if not ahead.
That is partly down to Siri AI being chiefly as greatly improved as Apple previously promised. But it's also down to a general unease over other AI firms which investors are now seeing as being over-extended.
Apple's comparatively cautious approach means that it has not saddled itself with enormous debt in its pursuit of AI. That makes it an attractive buy to investors who may have become wary of committing too much to firms such as OpenAI.
It's perhaps also helped that OpenAI has announced that it will not be holding an IPO this year as previously believed. That may be tied to how it's been revealed that OpenAI has been losing $1.25 for every $1 it earns.
While Apple will not report sales figures for the iPhone Duo, investors will be looking to gauge its success once pre-orders start on October 16, 2026 and it's in stores from October 23. That's particularly so because of the device's price and how a common report from analysts has been that orders for the iPhone 18 Pro have been slow.
AppleInsider reported that it took significantly longer for iPhone 18 Pro shipping dates to slip back compared to the iPhone 17 Pro in 2025. But this launch is too different for meaningful comparisons.
Apple is expected to deliver its next earnings report at the end of October 2026.
