Shares in Apple (AAPL) stock have been trading higher over the past month, outperforming rival phone competitors and sparking growing investor interest. As the summer draws to a close, a well-known period for Apple is fast-approaching: the new iPhone season. Indeed, the upcoming quarter is typically the tech giant’s best-performing period, with the upcoming iPhone 17 launch no different. The stock is already up 9.7% in the last 30 days, and come September, hype around a new phone launch and updates on other Apple products could send the stock higher.
On August 8, Apple stock cleared its 200-day moving average line for the first time since March 10. Earlier that week, it rose above its 50-day line. Currently, AAPL is in a 33-week consolidation pattern with a buy point of 260.10, according to IBD MarketSurge charts. With the stock trending upwards following its last earnings report, a significant boost could come with the upcoming Apple launch event, rumored to come as soon as September 7.
Apple’s upcoming launches will likely include the highly anticipated iPhone 17, new AirPods, and other updates to popular products. Analysts expect Apple to introduce a superthin smartphone, possibly called the iPhone Air, along with iterative hardware changes to its standard and Pro handsets. The new handsets will feature slightly improved processors, cameras, displays, and other components. In addition, Apple could provide much-awaited updates to Apple Intelligence and how the service will be incorporated into future devices. As the ongoing AI surge continues heading into the Fall, Apple will certainly be in the spotlight of that sector.
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On the other hand, a big concern with Apple (AAPL) stock is how the company will address this artificial intelligence megatrend. It has postponed the launch of an AI-powered Siri digital assistant until next year, along with other Apple Intelligence features. Some analysts are starting to wonder if folding handsets and AI smartphones from rivals will get Apple’s user base to switch to Android handsets. “Luckily for Apple, its iPhone base doesn’t seem to care about the Siri/AI delays, and we see no evidence of real switching,” Melius Research analyst Ben Reitzes said in a client note on August 8. He rates Apple stock as a buy with a price target of 260.
Furthermore, the iPhone developer announced a new $100B manufacturing deal in the US earlier this year. The deal was a decision made to help avoid tariff concerns that Apple could get hit by for manufacturing abroad. The stock rose a bit following the announcement: an encouraging sign for investors. Current Apple stock forecast models also suggest the upcoming Apple OLED MacBook Pro upgrade could be a major catalyst for investor confidence.