Apple (AAPL) Stock Hits All-Time High of $280 as Tech Rankings Shift

TLDR

• Apple stock hit an all-time high of $280 with a market cap of $4.08 trillion, up 36% since early summer
• Google parent Alphabet surged 17% in November, reaching nearly $4 trillion market value with its Gemini chatbot launch
• Nvidia dropped over 15% from its peak, losing $720 billion in market value over the past month
• Meta Platforms fell 15% since October earnings after announcing increased capital spending for AI projects
• The big tech pecking order is shifting as companies reassess AI investments and profitability paths

Apple stock reached a new all-time high of $280 on Tuesday. The iPhone maker now holds a market capitalization of $4.08 trillion.

The stock has climbed 36% since early summer. Over the past six months, shares have jumped 41.6%.

Apple Inc., AAPL

The gains come as Apple stays on the sidelines of the massive AI spending race consuming its rivals. While competitors pour billions into artificial intelligence infrastructure, Apple maintains its traditional approach to capital allocation.

Apple’s latest iPhone lineup is driving the rally. Demand for the new devices exceeded Wall Street expectations.

The company cut dozens of positions in its sales division recently. The layoffs affected teams focused on business, education, and government customers.

Google Surges While Nvidia Tumbles

Google parent Alphabet is opening at a fresh record high Wednesday. The stock is approaching a $4 trillion market value after gaining 17% in November.

The surge follows the release of Google’s Gemini three chatbot. The AI model runs on Google’s in-house TPU processors.

Reports suggest Meta Platforms could purchase Google’s TPU chips for its Llama infrastructure. This development cemented Google’s position in the AI race.

Nvidia tells a different story. The chip maker has lost over $720 billion in market value in the past month.

Nvidia stock is trading more than 15% below its recent peak. The company entered correction territory heading into December.

Nvidia responded to Google’s advances with confidence. The company stated it remains “a generation ahead of the industry” and operates “the only platform that runs every AI model.”

Meta and Broadcom Trade Places

Meta Platforms dropped 15% since releasing October earnings on Oct. 29. The Facebook parent announced plans to increase capital spending through 2026.

The spending announcement triggered a market reassessment of AI investments. Investors began questioning the path to profitability for big tech’s AI ambitions.

Meta shares just exited bear market territory this week with a 7% gain. The stock lost its spot among the largest U.S. companies to chip maker Broadcom last month.

Broadcom gained 1.87% as it climbed the market cap rankings.

Other AI-focused stocks face pressure too. Oracle shares tumbled 25% in November on concerns about its OpenAI partnership.

Advanced Micro Devices fell 20% since late October. Concerns about Google’s TPU pricing power are weighing on AMD’s MI400 processors.

Japan’s SoftBank dropped over 40% since late October. The company sold its entire $5.8 billion Nvidia stake to raise cash for other AI projects.

KeyBanc Capital Markets maintained its rating on Apple after reviewing October hardware spending data. The data showed a 4% monthly decrease but beat the three-year average decline of 8%.

Jefferies initiated coverage on several Apple suppliers. Avary Holding Shenzhen received a Buy rating, with over 80% of revenue coming from Apple.

Apple stock has gained 19.02% over the past 12 months. The company trades at a P/E ratio of 37.05 with a Piotroski Score of 9.

The post Apple (AAPL) Stock Hits All-Time High of $280 as Tech Rankings Shift appeared first on Blockonomi.