Apple Hits Record High on July 15, Up 4% to $327.50 Amid China AI Approval

According to Barron's, Apple stock rose 4% and closed at a record $327.50 on July 15, driven partly by China's approval of Apple Intelligence on the same day. The regulatory clearance removes a major hurdle for the AI features to enter the world's largest smartphone market.

Apple is set to report third-quarter earnings on July 30. Investors are closely watching the results amid concerns over rising memory costs, potential iPhone demand weakness, and inflation's impact on consumer spending. The stock's forward 12-month P/E ratio currently stands at 34.6, well above its five-year average of 27.7.