Step aside, Nvidia (NVDA). Retail investors are rekindling an old flame in Apple’s (AAPL) stock.

According to new data from Vanda Research, retail investors bought a net $65.3 million worth of Apple stock on Tuesday, marking the best day of net buying since June 2025 (see chart below).

“Net-net: retail is rotating within large-cap tech, with Apple emerging as the latest pocket of conviction,” Vanda Research strategists said.

Retail flows into megatech have eased recently, notably for Nvidia, Microsoft (MSFT), and Meta (META), according to Vanda. Investors have rotated into war plays in oil — and Apple hasn’t been immune to the volatility.

The company delivered its best quarter in history in January, yet its stock has struggled to find a consistent footing over the past month as US geopolitical tensions with Iran and tariff fears cloud its near-term outlook.

The stock is pacing in line with the S&P 500 (^GSPC) over the past month, up about 0.3%. Year to date, shares are down 5%.

But investors may be starting to see a few catalysts on the horizon for Apple, the biggest one being a new form factor for the iconic iPhone.

Reports in early April 2026 suggested that Apple’s first foldable device, likely named the iPhone Fold or iPhone Ultra, had officially entered the trial production phase at Foxconn.

The device is expected to be a book-style foldable featuring a 5.5-inch outer display and a 7.8-inch inner screen when unfolded.

Despite rumors of engineering delays from Nikkei Asia, Bloomberg reported that the device remains on track for a September 2026 unveiling.

“Our checks continue to point towards things being on track, though we would note large scale production of next-gen phone is likely a June/July dynamic but so far we would argue that foldable phone should launch in line with expectations in Sept-26 timeframe,” Evercore ISI analyst Amit Daryanani said in a note.

Daryanani maintained an Outperform rating on Apple with a $330 price target.

Meanwhile, Apple is reorganizing its leadership under AI vice president Amar Subramanya. The team is preparing for a significant AI-driven overhaul of Siri, scheduled for later in 2026.

Combined, the new device and revamped Siri could help spur a strong upgrade cycle. In January, Apple signed a multiyear deal with Google to integrate Gemini into Apple Intelligence and Siri.

Wedbush analyst Dan Ives said he expects Apple to discuss the Gemini integration at June’s WWDC. The company is also expected to share details on new developer tools to simplify AI integration.