Apple’s stock has hit an all-time high of $133.82, putting it at a $700 billion market cap. The surge is believed to be due to renewed optimism for the iPhone, with Goldman Sachs raising its price target for the stock, citing the likelihood of “major new features” being added to the next iPhone model. Apple’s previous high was set in April 2015, six months after the launch of the iPhone 6 and 6 Plus. Since then, Apple has not made significant changes to its iPhone design, leading to high expectations for the upcoming tenth anniversary edition. The iPhone remains the majority of Apple’s business, with sales falling in the 2016 fiscal year for the first time since 2001. However, sales started growing again in the December quarter, and the company sold a record-breaking 78.3 million iPhones in the period. Another reason for Wall Street’s excitement is President Trump’s proposal to cut taxes on cash that US businesses bring back from their overseas accounts, which would favour Apple’s $230 billion in foreign cash.
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