Apple shares hit record high as investors ignore AI concerns

Apple stock closed above $300 for the first time after investors rewarded the company’s higher-than-expected profits, rising services revenue and a massive $100 billion buyback despite continued criticism of the delay in AI deployment.

Apple stock closed at a new record high of $300.23 on May 15, surpassing both the $300 mark and the company’s previous closing high of $287.51 set on May 6. Earlier in 2026, investors were concerned about lagging Siri features, slowing hardware growth, pricing exposure, and growing competition in generative AI.

Apple stock briefly hit a 52-week high during the trading day, at $303.20.

The rally gained momentum after Apple reported revenue of $111.2 billion and earnings per share of $2.01 for the quarter ended March 28, both above Wall Street expectations. The company also approved another $100 billion stock repurchase and increased its quarterly dividend to $0.27 per share.

Apple generated more than $28 billion in operating cash flow during the quarter, boosting investor confidence in the company’s core business. Tim Cook said demand for the iPhone remained strong in the March quarter, while service revenue hit another record high.

Greater China’s revenues jumped about 28% year-on-year after several weaker quarters. The rebound helped ease investor fears that Apple was losing ground in one of its biggest markets.

Wall Street still gives Apple time on AI

Apple’s stock rally continued even though the company has yet to fully release several major Apple Intelligence upgrades that it had earlier planned in 2026. Delayed features include the more personalized Siri experience that Apple demonstrated during its AI rollout.

Google, Microsoft, OpenAI, and Samsung have continued to rapidly develop their generative AI products throughout 2026. This pace has increased pressure on Apple to prove that it can remain competitive in the AI ​​space without losing control of its ecosystem.

Wall Street appears increasingly willing to overlook Apple’s delay in AI deployment as the company’s core business continues to generate huge profits and cash flow. Many investors view Apple Intelligence as a long-term ecosystem and hardware retention strategy, not as an immediate revenue driver tied to future iPhone, iPad and Mac upgrades.

WWDC 2026 is now shaping up to be the next major catalyst for Apple stock. Analysts expect Apple to preview additional Apple Intelligence features, expanded developer tools and a more capable Siri system at the conference, which begins June 8.

Several Wall Street firms described WWDC 2026 as a critical test for Apple’s AI strategy after months of criticism that the company had moved too slowly following the generative AI boom.

Apple’s rally suggests that investors still believe the company can afford to move more slowly on AI than many competitors.

Apple’s scale continues to isolate the company

Apple’s latest rally also reflects how differently investors are treating the company compared to smaller tech companies chasing AI growth.

Many companies related to AI infrastructure or software saw huge valuation increases in 2025, based largely on expectations of future growth. Apple, on the other hand, already operates at a scale where investors prioritize stability, margins, ecosystem retention, and long-term cash generation over rapid expansion.

The company continues to generate more revenue and profit than most consumer technology companies. These financial results give investors confidence that Apple can withstand setbacks more easily than many competitors.

Apple rallied even as investors continued to question the pace of AI deployment, future regulatory pressure and the long-term growth of the iPhone. The stock’s record close above $300 shows that Wall Street still values ​​the strength of Apple’s core business over short-term concerns about Apple Intelligence.