Apple stock hits all-time high with new iPhone release

Company Performance - Apple is experiencing a resurgence in market favor, driven by strong sales of the iPhone 17 in the US and China, as well as positive reception for the latest iPad [1][2] - Revenues for Apple are expected to increase, reflecting a new adoption cycle for its products [2][5] - The iPhone 17 features significant design upgrades, with potential for a foldable model next year, which could further boost revenue growth [5] Financial Strength - Apple is compared to US Treasury bonds in terms of stability, boasting an exceptional balance sheet and strong free cash flow [4][7] - Approximately 300 to 400 million iPhones are over four years old, indicating a substantial upgrade opportunity for Apple [4] Valuation and Market Position - Apple's current trading valuation is around 35 times trailing earnings and 31 to 32 times forward earnings, which is considered stable given its fundamentals [8] - The company is part of a select group of tech stocks, referred to as the "Splendid Six," which includes Microsoft, Nvidia, Google, Amazon, and Meta, all of which are viewed as staples in investment portfolios [9][10] Industry Trends - The enterprise software sector, including companies like Salesforce, is facing challenges due to the rise of AI, which may impact their market positions [12] - Despite the challenges, Salesforce is recognized for its strong base and efforts to adapt to AI, suggesting potential resilience in the face of industry changes [12]