A new foldable iPhone and a disciplined AI-spending approach have sent Apple shares to new highs this year

Shares of Apple have climbed 7% since the company unveiled the iPhone 18 Pro models and its first-ever foldable iPhone Duo.

Apple is closing in on a major milestone as excitement mounts for the company's new iPhones and artificial-intelligence strategy.

Shares of Apple (AAPL) notched an all-time intraday high of $345.34 on Tuesday before ending the day at $339.75, for a market capitalization of $4.96 trillion. The company briefly crossed the $5 trillion market-capitalization threshold during the trading session, according to Dow Jones Market Data.

Apple had also touched the $5 trillion milestone earlier this year, during intraday trading on July 28 and July 29.

Thus far, Nvidia (NVDA) is the only company that has closed over the $5 trillion mark. But some analysts are confident that Apple shares could continue to march higher as the iPhone 18 cycle unfolds. Bank of America analyst Wamsi Mohan gives the stock a price target of $370, well above the $342.60 target that would result in a $5 trillion market cap.

Excitement following Apple's recent product launch has sent shares up 7.2% since the beginning of the month. Under new CEO John Ternus, the company debuted the iPhone 18 Pro and Pro Max, along with the first-ever foldable iPhone Duo. Apple is also rolling out its latest Apple Intelligence updates through its iOS 27 and Mac OS 27 upgrades.

The introduction of a foldable phone expands Apple's total addressable market and could gain mainstream adoption over time, analysts believe.

"The Duo represents a meaningful form-factor change after a long time and seamlessly integrates hardware and software," Mohan wrote in a note following the Sept. 9 announcement.

JPMorgan analyst Samik Chatterjee believes Apple will be able to maintain a positive volume cycle even with price increases on its phones thanks to leasing, trade-ins and carrier subsidies. The iPhone Duo's "impressive display of features" also sets Apple up for potential volume upsides on a premium offering, he wrote in a note this month.

Beyond recent hardware announcements, Apple has taken a more measured approach to AI compared with other Big Tech companies that are spending hundreds of billions of dollars on building out data-center infrastructure.

That's paid off for investors, as shares of Apple have rallied 25% this year, while the Roundhill Magnificent Seven ETF MAGS has gained 10% and the S&P 500 index SPX has advanced 13.4%.

Also: Apple's stock could be the savviest buy within Big Tech, according to this analysis

-Christine Ji