Apple shares have rallied 15 percent since their worst day in over a year, adding almost $600 billion in value since June 25 and returning the stock to record territory. The rebound comes as investors grow uneasy about the mind-boggling sums poured into the AI data center buildout with no obvious return indicator. Apple's decision to sit out the spending spree and instead pay Google for access to its frontier AI models is increasingly seen as an asset. Apple is using Google's Gemini to underpin the revamped Siri and new Apple Intelligence features.

The rally occurred despite soaring memory chip costs prompting price hikes on Macs, iPads, and Home devices on June 25 — triggering the worst single-day drop since April 2025, with shares closing at $275.15. Investors also view the upcoming foldable iPhone, expected in September, as a catalyst; Nikkei reports suppliers preparing 10 million units, up from prior forecasts.

AAPL closed at $315.32 Friday, just shy of its all-time high of $317.40. Shares are up 16 percent in 2026, making Apple the best performer among the "Magnificent Seven" tech giants.