Dan Ives' supply chain checks indicate that consumers like Apple's AI strategy, suggesting that the iPhone 16 cycle could be "a historical one."

Apple shares closed at an all-time high Thursday after Wedbush analysts raised their price target for the stock, telling clients they expect the iPhone maker could be headed for a "golden era of growth" driven by demand for artificial intelligence.

With Apple stock in record-high territory, a longtime Apple bull on Thursday raised his price target to the highest level on Wall Street.