What happened: Apple (AAPL) stock closed at a record high on Wednesday as tech stocks rebounded from a sell-off the previous day.

What’s behind the move: Shares of the iPhone maker rose to an intraday high of $300 before closing at a record just below $299. The stock rose alongside some other “Magnificent Seven” names in recent weeks as the AI trade resurges. Apple shares jumped after the company’s most recent quarterly results, released earlier this month, topped estimates on iPhone and China sales. The stock has gained more than 20% since the March 30 market lows.

What else you need to know: Apple stock has been punished by investors in part because the company has been slower to invest in AI compared to other hyperscalers.

As Jared Blikre wrote last week, the stock had lagged other megacap winners for much of the bull market that began off the October 2022 lows. But its breakout helps make the Magnificent Seven move [higher] look less dependent on the other rebound leaders — Alphabet (GOOG, GOOGL), Amazon (AMZN), and Nvidia (NVDA).

Wednesday’s market action comes as Apple CEO Tim Cook travels to China with President Trump’s delegation for a summit with Chinese leader Xi Jinping.

Ines Ferre is a senior business reporter for Yahoo Finance. Follow her on X at @ines_ferre.

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