Apple shares surged on Tuesday, reaching a record intraday high amid positive forecasts from Wall Street analysts. The iPhone maker’s stock hit $237.49, surpassing the previous record of $237.23 set in July.

On Tuesday, the company’s shares closed at $233.85, up 1.1%, despite Nvidia’s stock falling by 4.5% due to tensions in the semiconductor sector. Analysts at Morgan Stanley, Bernstein, and Evercore ISI reiterated their “Buy” recommendations for Apple stock, citing increased demand for iPhones and the upcoming launch of Apple Intelligence.

According to IDC data, iPhone shipments rose by 3.5% in the third quarter, driving further gains in the company’s shares.