Apple shares reached an all-time high of $345.34 on Tuesday before retreating about 0.4% to around $338.50 on Wednesday. The stock had closed Tuesday at $339.75, extending a roughly 25% gain in 2026 as investors responded to stronger-than-expected early demand for the iPhone 18 lineup. Evercore ISI said 53% of nearly 4,000 surveyed U.S. consumers planning an upgrade preferred the iPhone 18 Pro or Pro Max, while 32% favored the Pro Max, up from 29% a year earlier. The research firm estimates average selling prices could rise about 28% as buyers choose premium models and larger storage options. Apple’s $1,999 iPhone Duo foldable, which converts from a 5.4-inch outer display to a 7.6-inch screen, is scheduled to begin shipping in late October; 14% of Evercore’s respondents expressed purchase interest. The rally has lifted Apple’s market capitalization to nearly $5 trillion and its price-to-earnings multiple to almost 39, leaving investors alert to demand, supply-chain, China and services-growth risks. Apple’s latest quarterly revenue reached $109.42 billion, up 16.4% year over year, while earnings of $2.02 per share exceeded the $1.89 consensus estimate.