Apple’s stock price is skyrocketing, reaching $133.82 in early trading on Monday, inching closer to its all-time high of $134.54 from April 2015. The stock closed at $133.29, surpassing its previous record of $133 in February 2015. This surge has pushed Apple’s market cap to $700 billion, with renewed optimism for the upcoming iPhone.

Goldman Sachs raised its price target for Apple, citing the potential for “major new features” like “3D sensing” in the next iPhone model. The last time Apple saw such a high was after the release of the redesigned iPhone 6 and 6 Plus, leading to a massive upgrade cycle. However, the recent iPhone models have not seen significant changes since 2014, leaving customers eagerly awaiting the next big update.

Despite a decline in sales and profits in 2016, Apple bounced back in the December quarter with stronger demand for the iPhone 7 Plus. The company sold a record-breaking 78.3 million iPhones in that quarter, possibly benefiting from Samsung’s Note 7 recall issues. Analysts believe that the struggles faced by Samsung may have contributed to Apple’s success in the market.

In addition to the iPhone’s success, investors are also optimistic about Apple’s potential under President Trump’s administration. Despite previous conflicts, Apple could benefit from Trump’s proposal to reduce taxes on cash repatriated from overseas. With $230 billion held in foreign accounts, Apple could use this money for acquisitions and buybacks if taxes are lowered.

These positive developments have reignited interest in Apple’s stock, driving it towards its all-time high. Investors are hopeful about the company’s future growth and the potential for new innovations in the upcoming iPhone model. With strong sales figures and the possibility of favorable tax changes, Apple seems to be on track for continued success in the market.