Apple (AAPL) stock hit a recent intraday high of $237.49 on Tuesday, eclipsing its prior record of $237.23 on July 15. The stock’s climb added about $70 billion to its market capitalization, putting it further ahead of Nvidia (NVDA) because the world’s most precious company after Nvidia’s gains jeopardized the iPhone maker’s lead.

The stock pared gains after notching the record, gaining about 1.5% in afternoon trading. Meanwhile, Nvidia fell around 4%.

Apple’s upward move comes a day after preliminary data showed rising demand for iPhones within the third quarter. Global iPhone shipments rose 3.5% from last 12 months, in keeping with the International Data Corporation (IDC).

“While the expansion of the Chinese players in emerging markets has been an ongoing theme this 12 months, Apple also enjoyed a 3.5% YoY growth in shipments this quarter fueled by strong demand from the previous models and the launch of the brand new iPhone 16 lineup,” said Nabila Popal, IDC’s data & analytics senior director, in a press release Monday.

“Despite the staggered rollout of Apple Intelligence in markets outside the U.S., Apple will proceed to grow within the upcoming holiday season,” she added.

Apple released its recent iPad mini, which is provided to run its suite of AI features, on Tuesday.

Apple is about to report earnings Oct. 31, and Wall Street analysts tracked by Bloomberg expect earnings to rise 9% from last 12 months to $1.59 per share. Some 40 analysts recommend buying the stock, while 19 have a Hold rating and two recommend selling shares, in keeping with Bloomberg data. Apple shares are up 32% from last 12 months, and analysts see the stock rising further to over $245 over the subsequent 12 months, Bloomberg data shows.