Apple stock is up more than 20% since that announcement, outgaining the S&P 500's 5% gain as investors bought into the company's AI vision (the stock had lagged other big tech names like Microsoft due to a perceived deficit in the AI arms race). Apple, which had been the world's largest company for most of the last decade, overtook Microsoft as the largest company in the world last month, having lost the title from January to June. Don't expect evidence of an iPhone renaissance in Apple's earnings report due Aug. 1: Analyst forecasts call for the weakest quarterly iPhone sales since 2020's quarter ending in September, according to FactSet, at $38.7 billion. Consensus forecasts call for a record $72.4 billion of iPhone revenues this holiday quarter, though.