IDC recently estimated that iPhone shipments rose 3.5% in the third quarter, and analysts are optimistic about holiday sales and Apple Intelligence.

Shares of Apple rose as much as 2.7%, setting a new intraday record of $237.49. It’s the first time in exactly three months Apple stock hit an all-time high. Though the stock pared gains slightly to 1.7% by 11 a.m. EDT, trading at $235.33 per share, it’s still on track to break the July 16 record close of $234.82.