Apple stock notched a record close on Wednesday, but there's more the iPhone maker has to prove in just a few short weeks to keep investor sentiment on the up and up.
Shares ended 1.2% higher at $287.51 apiece, according to Dow Jones Market Data. This was Apple's first new closing record since Dec. 2, 2025, when it closed at $286.19.
Apple stock started off the year in a bit of a rut. A major concern has been that the company has fallen behind on its artificial intelligence updates, which has kept some investors on the sidelines. Wall Street and consumers are waiting for an AI-powered Siri chatbot to be released. Apple says a more personalized Siri is coming to users "this year."
Other company updates have helped boost the stock recently, though. Shares rose 3.2% on May 1 after Apple reported better-than-expected fiscal second-quarter financial results and gave strong revenue guidance for the June quarter. That guidance was especially important as consumer confidence comes into question amid sticky inflation and rising gas prices.
Apple also announced on April 21 that current CEO Tim Cook will be stepping down, and John Ternus, currently Apple's senior vice president of hardware engineering, will replace him in September. The stock's rebound since this news broke signals that investors are confident in what Apple will look like under Ternus's leadership.
But Wall Street should also be prepared for what's ahead. Apple is kicking off its Worldwide Developers Conference on June 8. This is a crucial event every year that Apple uses as a platform to announce software and development updates. It was at WWDC 2024 where Apple first unveiled Apple Intelligence, the company's AI software. Two years later, investors are still waiting for this tech to wow.
"Apple is executing very well into a big event that should help change the narrative," Melius Research analyst Ben Reitzes wrote on May 1.
There's a lot riding on this upcoming WWDC. Apple can't afford to disappoint.
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