This article first appeared on GuruFocus.
With shares closing at $238.12 on Thursday, Apple (AAPL, Financials) increased its market momentum and increased its value to $3.53 trillion. The profit followed a U.S. judge’s decision to allow Apple to continue collecting billions from Google for setting its search engine as the default on Macs and iPhones.
An antitrust case had threatened the partnership, which is valued at around $20 billion a year. The court did not forbid the payments to Apple, but it did restrict Google’s power to lock in exclusive contracts. For the iPhone manufacturer, that decision eliminated a significant burden.
Apple’s stock is currently trading well above its early-year lows and close to its annual highs. Along with double-digit growth in iPhones, Macs, and services, as well as new adoption of Apple Intelligence features, it has been riding high earnings. Over the past month, shares have increased by roughly 17%.
The iPhone 17 launch next week could be the next catalyst for the stock, and investors are keeping an eye on whether that momentum continues.