I'm John Fort. You're listening to CNBC's Tech Check. Our show is live weekdays at 11 a.m. Eastern. Listen in.

Good Thursday morning and welcome to Tech Check. I'm Dear Joe Bobo with Carl Kintania and John Fort.

Today, hold the app laws. Apple nears $3 trillion in market cap as it delays app store changes.

We break down their strategy in China as well. Plus, early investors

still cashing out on IPOs. The window is still open for companies to raise money, but what

about the retail investors? What poor performance in today's debuts may mean for the pipeline,

and then returns hurting returns, rent the runway and other direct-to-consumer high-growth

apparel stocks,

feeling the pain this year. More to come on that group, Carl.

We're going to start with Apple D up again, and on this massive run, up about 7% this week,

and now inching closer to a $3 trillion valuation. Stock needs to get to 182.85 or so to reach that milestone.

Joining us this morning, Bernstein Research Appalantalantel, Tony Saganaki joins us. Tony, great to

have you. Good morning. Good morning. You've long written that there's no obvious catalysts

for multiple expansion on this name. What do you think's going on? I think it's a confluence of things, and I think many investors have been surprised at the magnitude

of the recent run.

You know, there's increasing anticipation and speculation about some kind of VR or AR headset

over the next year or so for Apple.

There's excitement about a potential Apple car over time.

And I think we've been in an uncertain stock market and, you know, macro environment.

And people turn to Apple as a stock in those cases because they believe that the company has durable free cash flow.

So I think collectively all of those things have been helpful to the stock.

So is that self-fulfilling? Does it get you off of your neutral stance?

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