Apple Stock Surges 15% on AI Restraint as Foldable iPhone Looms

Apple shares have climbed roughly 15% since June 25, adding nearly $600 billion in market value to record highs as investors favor its measured AI approach over heavy infrastructure spenders. The rally follows a muted post-WWDC reaction where the new Siri and Apple Intelligence features failed to spark immediate buying. Momentum builds from June’s WWDC overhaul of on-device AI across iOS 27 and services, March-quarter revenue of $111.18 billion, and BofA’s $380 target, with Citi now at $365 and suppliers preparing 10 million foldable units. Services hit $30.98 billion, up 14%, while incoming CEO John Ternus takes over September 1 emphasizing product-led AI.