Apple Inc. shares surged 2.8% on May 13 to close at $301.40, breaking through the $300-per-share barrier for the first time in the company's history. The move pushed Apple's market capitalization to approximately $4.6 trillion, reinforcing its position as one of the world's most valuable companies.
The catalyst was a Morgan Stanley note raising Apple's price target from $280 to $340, citing accelerating services revenue growth and the upcoming Apple Intelligence rollout across the iPhone 17 lineup this fall. The milestone came on a day when the broader market hit records despite a hot PPI print, with Apple leading the charge.
What happened
Apple crossed $300 for the first time during midday trading on May 13, ultimately closing at $301.40 on volume of 68 million shares, roughly 20% above its 20-day average. Morgan Stanley analyst Erik Woodring issued a bullish note before the open, raising his price target to $340 from $280 and reiterating an Overweight rating. Woodring cited three catalysts: services revenue growing at 18% annually and approaching a $100 billion run rate, the Apple Intelligence AI platform driving an iPhone upgrade supercycle starting in September, and expanding margins from the shift toward higher-margin software and services. Tim Cook's announcement that he plans to retire in September 2026 added a layer of intrigue, though markets viewed the planned transition as orderly rather than disruptive.
Why it matters
Apple at $300 is not just a round-number milestone -- it represents a fundamental rerating of the stock from a hardware company to a services-and-AI platform. Services revenue now generates higher margins than any other Apple segment, and the company's ability to monetize its 2.2 billion active device installed base through subscriptions, advertising, and AI features is what justified the multiple expansion from $200 to $300 in less than 18 months.
Market impact
AAPL's 2.8% gain contributed more than any other single stock to the S&P 500's 0.7% advance on May 13, given its roughly 7% index weight. The stock's move pulled QQQ