Apple stock hit a new all-time high today, driven by strong demand for its latest iPhone model and excitement around a new Formula 1 partnership.

The consumer electronics giant has seen heightened interest in its iPhone 17, described as a worldwide hit that’s contributing to positive investor sentiment. Apple also secured a deal with Formula 1, enhancing its brand visibility and supporting its push into entertainment and global markets.

Loop Capital analysts upgraded Apple stock to buy, highlighting optimism around iPhone demand as a key driver for future growth. The upgrade positioned the stock as poised for a breakout in an impulsive rally.