Apple Inc. is on momentum to close at a record high ahead of its most significant product launch event in nearly ten years, after benefiting from a broader rotation back into technology stocks.

Given the solidity of its balance sheet, its capital-return programme, and its stable revenue sources, the stock has increased steadily throughout 2023, with investors perceiving it as a haven during times of economic risk or uncertainty.  In addition, Apple's  recent results topped expectations, thanks to a rebound in its iPhone and growth in its Services business.

Devon Drew, chief executive officer of DFD Partners said, "Even with how much it has increased, it still feels like a quality company, with a lot of cash, continued innovation, a fortress balance sheet, and a large customer base upgrading their products." It should keep expanding, but it can also withstand any adversity. Since it functions in both risk-on and risk-off situations, I'm quite eager to buy it. 

Apple's rise comes after Nvidia Corp.'s surge in 2023, when confidence about artificial intelligence propelled the chipmaker temporarily beyond the $1 trillion market valuation threshold. Alphabet Inc., Amazon.com Inc., and Microsoft Corp. are all trading below historical highs.

Apple is on track to increase its market cap by USD 16.5 billion at the present pricing, bringing it further closer to a record USD 3 trillion valuation. It is by far the largest public firm and makes up around 7.5 percent of the S&P 500 Index's weight.

iPhone revenues of USD 51.33 billion, linked in part to the sale of high-end iPhone Pro models that were jammed-up over the holiday period, offset sales falls in Mac and iPad sales and helped stregnthen earnings for the 3 months ended in March to USD 1.52 a share, a tally that topped Wall Street forecasts by 9 cents.

FOREX down on robust US jobs report, Lira near record lows

Sensex, Nifty settle higher, Top stocks to Watch