This article first appeared on GuruFocus.

Apple (NASDAQ:AAPL) climbed about 2% to an all-time high of $277 on Tuesday morning, rising about 1% as investors cheered the company’s market resilience.

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The gain pushed Apple’s market value to $4.12 trillion, surpassing its prior 52-week high of $277.32. Past year the stock is up about 19%, and it has surged 42% in six months, underscoring strong investor demand.

Apple trades at a price-to-earnings ratio near 37, a level market participants view as rich relative to historical norms.

Bloomberg reported the company trimmed dozens of sales roles to sharpen focus on business and public customers.

KeyBanc left its sector weight on Apple, noting October hardware spending fell about 4% month-to-month and declined about 12% year-over-year.

Jefferies initiated coverage on Apple suppliers, highlighting Avary Holding Shenzhen’s exposure to Apple, BYD Electronic’s role as an iPad assembler and Lens Technology’s dominance in display glass.