John Ternus took over as Apple CEO on Sept. 1. He has been in the job less than a month. On Wednesday, Sept. 23, the stock hit a price it has never hit before.
Apple shares touched $345.34 intraday on Sept. 23, a new all-time high, before closing at $339.75, according to Yahoo Finance.
The stock was pointing higher again in premarket trading on Sept. 24. Apple is now up 25% for the year, and its market cap sits just under $5 trillion.
What the Apple stock record means for John Ternus
Ternus is not a household name the way Tim Cook was, or Steve Jobs before him. He joined Apple’s product design team in 2001, became a vice president of hardware engineering in 2013, and joined the executive team in 2021.
Cook moved into the role of executive chairman when Ternus took over. The transition on Sept. 1 was Apple’s first CEO change since Cook succeeded Jobs in 2011.
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The stock’s move since then has been a clean endorsement from the market. The rally was not there when the transition was announced. It built on what Ternus did in his first major moment as CEO: the iPhone Duo launch on Sept. 9, as TheStreet reported.
Bull Theory pointed out that Apple is now up 118,900% from its dot-com crash lows. Bank of America analyst Wamsi Mohan has a $370 price target on the stock, above where it is trading now.
What the iPhone Duo is and why it matters for the stock
The iPhone Duo is Apple’s first foldable phone. It opens from a 5.4-inch front screen to a 7.6-inch internal display. It supports the Apple Pencil.
Pre-orders open Oct. 16. The device ships Oct. 23. It starts at $1,999 and goes up to $3,199 for the top storage tier.
That pricing puts it well above anything Apple has sold before. It also creates a new ceiling for iPhone average selling prices. Deepwater Asset Management’s Gene Munster estimated the Duo could account for 10% of Apple’s total iPhone revenue next year even if it sells in relatively limited volume.
Foldable phones have been a niche category. Samsung, Huawei, and others have sold them for years. Apple is entering the market late, but its track record in premium hardware categories suggests it can capture significant share.
Analysts expect around 6 million Duo units in the first cycle. That would be a small slice of Apple’s total iPhone business but enough to move the revenue mix toward higher-priced devices.
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What iPhone 18 demand looks like in its first week
The iPhone 18 lineup went on sale worldwide on Sept. 19. Early demand looked strong, even though Apple raised prices by $100, according to Yahoo Finance.
“While supply constraints are likely playing a role, we think that demand is holding up well through the first week of the cycle,” Evercore ISI analyst Amit Daryanani said.
Daryanani noted that supply constraints may be inflating early sell-through data. Ships that have not arrived yet cannot be sold, so short supply can make demand look stronger than it is. He said he still believes demand is genuinely holding up, which is a different conclusion from saying supply is the only reason stores are selling out.
iPhone 18 Pro shipping times have been slower to extend than they were for the iPhone 17 Pro in 2025, which some analysts read as a sign that early demand is not as strong on the flagship line. The standard models appear to be tracking better.
What investors are watching from here
Apple’s Q4 earnings are due Oct. 29. That report will show whether iPhone 18 demand and early Duo interest are showing up in revenue. It will also give investors the first read on how Apple is executing under Ternus.
The Duo’s Oct. 23 ship date comes just six days before earnings.
Pre-order data from Oct. 16 will give Wall Street an early read on consumer interest in a $1,999 phone. A strong pre-order signal would confirm the thesis that Ternus’s first major product call was the right one.
Apple’s AI rollout is another variable. Siri got a significant update through iOS 27. Apple has been criticized for moving slowly on generative AI relative to Google and Microsoft. The Siri overhaul is a first step. Investors will want to see AI features that drive upgrades, not just headlines.
Regulatory risk from the DOJ antitrust case and India’s consumer regulator are also in the background, though neither appears to be an immediate catalyst for the stock.
At nearly 39 times earnings, Apple’s valuation leaves little room for disappointment. The rally has built high expectations into the share price. Ternus will need the Duo to sell, the iPhone 18 lineup to hold, and the AI roadmap to develop visibly over the next two quarters to keep the momentum going.
Related: AT&T CEO drops 4-word verdict on new Apple iPhone Duo
