Apple shares hit all-time high ahead of developer conference

Apple Inc’s shares on Monday hit a record high for the first time in 17 months, as the stock got a boost ahead of its annual software developer conference where it is expected to launch a mixed-reality headset.

The world’s most valuable listed company was last up 1.2 per cent at $183.25 in early trading. The headset would be Apple’s first big move into a new product category since the introduction of the Apple Watch nine years ago.

Apple is among a handful of mega-cap tech-focused firms that have underpinned main stock indexes this year, as enthusiasm over advances in AI helps fuel a rally. Apple shares have jumped nearly 40 per cent in 2023, compared with an 11.5 per cent rise in the benchmark S&P 500.