U.S. stocks rose across the board on Wednesday, with several major companies hitting new highs as investors grew more confident after the midterm elections.
- Apple shares hit a record $354.50, pushing the company’s valuation above $5 trillion.
- Microsoft reached a record $559.15 as earnings and Azure growth fueled optimism.
- AMC climbed after posting record Q3 results, with revenue up 31.6%.
Apple Inc. (AAPL), Microsoft Corp. (MSFT) and AMC Entertainment Holdings Inc. (AMC) stocks surged to 52-week highs on Wednesday as a Democratic midterm election sweep and earnings momentum lifted Wall Street sentiment. Apple crossed a $5-trillion valuation, while Microsoft’s stronger-than-expected earnings and 48% Azure growth fueled gains.
Apple and Microsoft stocks gained 5% and 6%, respectively, while AMC Entertainment stock climbed 7%.
Apple Breaks Through $5 Trillion As AI Upgrade Prospects Strengthen
Apple stock reached an all-time high of $354.5, taking the iPhone maker’s market capitalization beyond $5 trillion. Investors responded to expectations of stronger device demand, improving cost conditions, and the company’s upbeat revenue outlook.
Gene Munster of Deepwater Asset Management said in an X post that slower capital spending on data centers across the technology industry could reduce pressure on memory component prices, potentially supporting Apple’s future profitability. The company’s December-quarter revenue forecast calls for 7% to 10% growth, ahead of Wall Street’s 6% estimate.
Bernstein also increased its Apple price target to $380 from $370, citing better-than-anticipated quarterly performance and encouraging revenue guidance for the first quarter of fiscal 2027.
Meanwhile, Apple introduced the initial developer versions of iOS 27.3 and watchOS 27.3. The software includes new artificial intelligence capabilities for Series 12 and Ultra 4 watches, including Siri Recap. However, on Stocktwits, retail sentiment around the stock remained ‘bearish’.
Microsoft Rallies On Strong Azure Performance
Microsoft stock also reached a record high of $559.15 on momentum from the company’s stronger-than-expected fiscal first-quarter 2027 results. Revenue increased 19% year-on-year to $92.28 billion, exceeding analyst expectations of $90.62 billion. Earnings reached $4.92 per share, comfortably ahead of the $4.71 consensus estimate.
Its cloud business remained a major growth engine. Azure revenue climbed 48% to $33.17 billion, beating expectations of about 45% growth. Commercial remaining performance obligations, which represent contracted business yet to be recognized as revenue, increased 73% to $677 billion.
Bill Ackman’s Pershing Square, in its Q3 letter, said that Microsoft is well positioned to profit from AI through Azure, Copilot and GitHub. The investment firm added that rising enterprise adoption, flexible pricing and expanding AI services could accelerate growth and strengthen customer relationships. Retail sentiment around the stock turned ‘neutral’ from ‘bullish’.
AMC Gains Attention Following Q3 Results
AMC stock climbed to a 52-week high of $3.56 after the company posted record results for the second straight quarter. Q3 revenue grew 31.6% to $1.71 billion, while adjusted EBITDA surged 183.7% to $347.5 million.
“AMC turned audience enthusiasm into exceptional third quarter financial results thanks to our industry-leading loyalty programs along with the vast and growing number of AMC’s premium large format and extra large format auditoriums, combined with disciplined cost management, superb execution and the operating leverage
inherent in our business,” said AMC CEO Adam Aron.
Retail sentiment around the stock improved to ‘extremely bullish’ from ‘bullish’.
So far this year, AAPL, MSFT and AMC stocks have gained between 14% and 125%.
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