Apple stock closed at a new all-time high on Wednesday just two weeks ahead of the iPhone maker's highly anticipated release of its fiscal third-quarter financial results.

Apple shares rose 4% to $327.50, a new all-time closing high. The stock was the best performer in the Dow Jones Industrial Average on Wednesday, while the index gained 0.3%.

Some news out of China likely helped push the stock reach this milestone. The Cyberspace Administration of China on Wednesday included Apple's generative artificial intelligence on a list of newly approved providers. Evercore ISI analyst Amit Daryanani wrote in a note on that the update cleared the biggest regulatory hurdle for Apple Intelligence -- the company's AI software -- in the world's largest smartphone market.

"Today's approval is a meaningful win for Apple, as it unlocks the largest smartphone market for the rollout of Apple Intelligence and supports the company's upcoming Siri AI launch cycle," Daryanani said. He rates Apple as Outperform with a $365 price target.

Investors are now laser-focused on the company's earnings results, which are scheduled to be released after the stock market closes on July 30. Ongoing margin pressures amid rising memory costs, potential iPhone demand weakness, and consumers pinched by inflation are all issues at the top of shareholders' minds heading into the print.

Apple stock is also trading at 34.6 times earnings expected over the next 12 months, which is higher than its 5-year average of 27.7 times forward earnings. It's also the highest forward price-to-earnings multiple for the stock since Sept. 1, 2020, when it was 35.3 times, according to Dow Jones Market Data.

The stock's recent gains and that hefty valuation mean that Wall Street will have little patience for anything less than a major guidance blowout when the company reports.

In the meantime, during this period of tech volatility, Wednesday's record close is a welcome sign for investors.

Write to Angela Palumbo at angela.palumbo@dowjones.com

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July 15, 2026 17:04 ET (21:04 GMT)

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