Apple hits $335 all-time high as AI strategy lifts stock

Apple shares have climbed to a split-adjusted all-time high of $335, with the company's market cap approaching $5 trillion（約800兆円）. Year-to-date performance in 2026 stands at nearly 23% gain, driven by a confluence of factors: strong iPhone sales and the rumored September debut of a folding iPhone that is building investor excitement.

The company's approach to artificial intelligence distinguishes it from many peers. While Meta Platforms and others are committing billions to develop AI models internally, Apple has adopted a different strategy centered on partnerships and on-device AI capabilities. This measured posture has a concrete financial consequence: Apple maintains remarkably high free cash flow at a time when competitors' free cash flow is plummeting because of their AI infrastructure spending. The company generated $111 billion（約18兆円） in revenue in the first quarter of 2026 and operates a user base of more than 2 billion active devices, anchoring strong recurring revenue streams.

At current prices, the stock trades at a forward P/E ratio of about 35—a premium valuation that reflects investor confidence in both near-term momentum and the company's financial durability. The thesis for a buy rating at all-time highs rests on this combination: a massive installed base, resilient free cash flow despite the broader industry's AI spending surge, and the flexibility that partnerships afford Apple without risking as much capital on the balance sheet as other tech giants face. The September folding iPhone launch will be a key test of whether Apple can sustain the innovation narrative that justifies such valuations.

Apple's stock surge to $335 reflects confidence in both near-term product momentum and the company's distinctive position in the AI race. While competitors are locked in an expensive arms race to build generative AI models from the ground up—a strategy that has visibly eroded their free cash flow—Apple has chosen a more capital-efficient path. By partnering with others for AI capabilities and focusing on on-device processing, Apple preserves balance-sheet strength and cash generation precisely when the tech industry's cash positions are under strain.

The company's installed base of more than 2 billion active devices and its history of recurring revenue (from services and hardware refresh cycles) create a durable financial moat. Revenue of $111 billion（約18兆円） in the first quarter of 2026 demonstrates the scale that underpins these valuations. The reported folding iPhone for September represents a test of whether Apple can refresh its product cycle and reignite the innovation narrative that has historically justified premium multiples.