Apple Inc. stock rose more than 4% on Thursday, outperforming a sharply weaker technology sector. The Nasdaq fell 1.63%, while the S&P 500 slipped 0.27%, with technology being the day's weakest-performing sector, down 2.6%. The positive momentum followed a bullish view from Bank of America Securities analyst Wamsi Mohan, who maintained a Buy rating and a $380 price forecast.

App Store and Services Growth

Mohan pointed to specific growth metrics in the fiscal third quarter of 2026. App Store revenue rose 3.2% year over year to $8.8 billion, while total iPhone and iPad downloads increased 1.3% to 8.7 billion. Additionally, App Store dollars per download rose 1.9% year over year to $1.01. Bank of America models 14% year-over-year growth for Apple's total services revenue in the fiscal third quarter of 2026.

The $380 price forecast is based on 37 times the calendar 2027 estimated EPS of $10.27.

AI and New Products as Drivers

Bank of America remains positive on Apple due to strong capital returns, potential in edge AI, and optionality from new products and markets. Mohan noted that the Supreme Court's decision to hear Apple's appeal in the Epic Games case is a constructive development as the company defends its App Store economics. The new Siri AI architecture, combined with Apple silicon, is viewed as an important unlock for future hardware-driven and AI-enabled monetization opportunities.

Technical and Earnings Outlook

Apple continues to trade in an established uptrend. The stock was trading at $306.64, about 4.3% above its 20-day simple moving average of $294.76 and 13.6% above its 200-day moving average of $270.69. The next technical resistance sits near $317.50, close to the stock's 52-week high of $317.40, while initial support is around $287.50.

Apple is expected to report quarterly results on July 30. Wall Street expects earnings of $1.89 per share on revenue of $108.86 billion, compared with $1.57 per share and $94.04 billion in the year-ago period. The stock trades at about 35.6 times earnings.

Apple Inc’s closely guarded supply chain for its upcoming iPhone 18 Pro models has reportedly been exposed after hackers allegedly leaked confidential documents and internal test images stolen from key manufacturing partner Tata Electronics. According to a Reuters report, ransomware group World Leaks allegedly posted sensitive files on the dark web following a cyberattack on Tata Electronics, one of Apple's largest manufacturing partners in India. The leaked documents reportedly include detailed component maps identifying suppliers for hundreds of parts used in the unreleased iPhone 18 Pro and Pro Max, including battery, camera, and logic board components.

Report Says Leaked Files Reveal iPhone 18 Pro Supplier Network

The files reveal where Apple sources parts from multiple suppliers and where it relies on only a handful of companies, potentially exposing supply chain vulnerabilities and the tech giant's negotiating leverage. Apple and Tata Electronics did not immediately respond to requests for comments. Previously, it was reported that Apple is investigating the incident while Tata has restricted access to sensitive systems and hired an outside consultant to conduct a forensic review.

Internal Photos Of Unreleased iPhone Models Also Surface

Several files carried Apple's "Confidential" watermark and internal codenames associated with the iPhone 18 Pro generation. Among the leaked material were photographs dated early 2026 that reportedly show gray iPhone prototypes undergoing drop testing at a Tata Electronics facility. While the report said it could not independently confirm the exact model shown in the images, a source familiar with the matter told the news agency the devices are iPhone 18 Pro models.

Why The Leak Matters For Apple

Apple has long kept detailed supplier-to-component relationships confidential, even though it publicly discloses the names of companies in its broader supply chain. Industry observers say exposing those links could provide competitors, counterfeiters, and suppliers with valuable insight into Apple's manufacturing strategy. The reported breach comes as Apple continues expanding production in India through Tata Electronics as part of its effort to reduce manufacturing dependence on China. The report also comes as Apple faces rising component costs that analysts expect could contribute to higher iPhone prices in the months ahead.