Our models continue to think Apple can go higher, says Intelligent Alpha's Doug Clinton

Core Viewpoint - Apple is approaching a $4 trillion market cap driven by strong demand for the new iPhone 17, with expectations that the stock could continue to rise [1][2]. iPhone Demand and Market Performance - The lead times for iPhones have increased by 13% this year compared to last year, indicating a robust iPhone cycle that exceeds investor expectations [4]. - The sentiment around Apple has shifted positively, moving away from concerns about its position in AI to a focus on the successful launch of the iPhone 17 [3]. AI and Future Prospects - Apple has managed expectations regarding AI, indicating that significant updates, particularly to Siri, are not expected until next year, with rumors suggesting a major upgrade around March [5]. - The potential for Siri to become a competitive AI player is seen as a key factor for future growth, especially if Apple can leverage its large user base to integrate a competent AI assistant into its ecosystem [7][8]. Future Upgrade Cycles - There is optimism that the iPhone 18 cycle could outperform the iPhone 17 cycle if Apple successfully enhances Siri, which could drive upgrades from users with older devices [10][11]. - The technology and software improvements for Siri are viewed as critical catalysts for future sales and market performance [11].