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Looking at the specific year of 2018, Apple was riding high on the success of the iPhone X, which had been launched late the previous year. The iPhone X represented a significant design overhaul, introducing features like facial recognition and an edge-to-edge display, setting a new standard for the industry. Furthermore, the App Store continued to be a cash cow, generating billions in revenue through the sale of digital goods and services. This diversification of revenue streams beyond just hardware sales meant that the companys earnings were more stable and predictable, which investors highly valued. The stock price reflected this confidence, and the market capitalization soared as a result of these positive fundamentals.
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