What happened Shares of Apple (NASDAQ: AAPL) climbed to a record high on Wednesday, following bullish analyst commentary and reports of substantially higher iPhone production rates. As of 2 p.m. EDT, the stock's price was up more than 2%, which placed Apple's market capitalization at a staggering $2.5 trillion. So what The tech titan is striving to manufacture as many as 90 million of its newest iPhones this year, according to Bloomberg. Apple is reportedly preparing to boost shipments by 20% compared to 2020's levels. Apple is expected to debut its latest-generation iPhones in September. Upgraded processors, displays, and cameras should all help to add to the device's allure among consumers. Apple's stock price has surged in recent days -- and Wall Street sees even more gains ahead. Image source: Getty Images. Meanwhile, analyst Samik Chatterjee added Apple to J.P. Morgan's "focus list" on Wednesday. Chatterjee sees Apple's shares reaching $175, fueled by higher iPhone and Mac sales. If he's correct, shareholders could enjoy gains of roughly 17% from the stock's current price near $149. Now what Apple is in the midst of a 5G-fueled iPhone supercycle. The fifth-generation wireless technology promises to provide users with blazingly fast download speeds and enable a host of advanced technologies. Surging iPhone sales are also boosting demand for Apple's steadily expanding array of services. These high-margin revenue streams, in turn, are helping to fuel the company's stunning earnings growth. Investors -- excited about the prospect of even greater profits ahead -- are bidding up the tech giant's shares to new all-time highs today. 10 stocks we like better than AppleWhen our award-winning analyst team has a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* They just revealed what they believe are the ten best stocks for investors to buy right now... and Apple wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of June 7, 2021 JPMorgan Chase is an advertising partner of The Ascent, a Motley Fool company. Joe Tenebruso has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Apple. The Motley Fool recommends the following options: long March 2023 $120 calls on Apple and short March 2023 $130 calls on Apple. The Motley Fool has a disclosure policy.Source