According to Zhitong Finance APP, Apple Inc. (AAPL.US) closed at a new high on Tuesday, even as the overall market's upward momentum temporarily slowed, the stock of this technology giant still performed strongly.

According to Dow Jones market data, Apple's stock rose 1.28% on Tuesday, closing at $242.65, with an intraday high of $242.76, a historical new high. This marked the sixth rise in the past seven trading days, and it became the ninth most actively traded stock in the S&P 500 index that day.

Despite reports last week that Apple's iPhone sales in 2024 lag behind competitors and that consumer response to its new ai features has been lukewarm, Apple's stock continued to rise.

Meanwhile, Meta Platforms (META.US) also set a new high on Tuesday, rising 3.51% to close at $613.65.

The S&P 500 index closed up just under 0.1% on Tuesday, reporting 6,049.88 points, setting a new historical closing record. So far this year, the index has increased by more than 26.8%, while Apple's stock has risen by 25% this year. The Nasdaq index, which has a high proportion of technology stocks, closed up 0.4% on Tuesday at 19,480.91 points, also reaching a new high and has increased by 29.8% so far this year.

There is no doubt that the strong performance of Apple's stock is attributed to its status as a member of the "Magnificent Seven." This group is composed of several major technology giants and is the main driving force behind this year's market rally. Currently, Apple is the company with the highest global market cap, reaching $3.64 trillion.

Dan Ives, a senior stock analyst and head of global technology research at Wedbush Securities, believes that despite skepticism from the outside, the outlook for apple is more optimistic than many expect.

Ives stated in an interview: "Wall Street is beginning to realize that the iPhone 16 will usher in a super cycle, with strong sales performance in the china market, putting the bears into hibernation."

Ives has given apple stocks an "outperform" rating and set a target price of $300. He predicts that the sales of the iPhone 16 will drive a super upgrade cycle powered by ai, breaking the annual sales record for iPhones, attracting over 90 million users to upgrade their devices, and helping apple reach a market cap of $4 trillion by 2025.