(NASDAQ: AAPL) has been on fire in 2023, driven higher by the remarkable resilience of the iPhone and a recovery by a broad cross section of technology stocks. Shares of the iPhone maker are up 32% so far this year, more than four times the 7% gains of the S 500. This marks a reversal of fortune for Apple, as its stock lost roughly 27% last year. 

The biggest contributor to its gains so far this year was Apple's better-than-expected financial results. Investors were surprised by just how well sales of the iPhone held up, which suggests that the struggling economy -- which has weighed on the stock -- could soon rebound.

What does this mean for those who missed out on Apple's current rally? Is now the time to buy in expectation of additional gains or avoid the stock due to its valuation and the economic volatility that remains? Let's take a look.

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Source Fool.com