A good test for a growth stock is whether you think it can double in value. That's because if you see that much potential upside, it likely means it has attractive growth opportunities in the future.
One stock that's been a great growth investment over the years is Apple (AAPL 2.10%), known for its popular iPhones. If you invested $10,000 in the stock 10 years ago, it would have more than doubled your money -- your investment would be worth around $105,000 today.
The business has continually generated solid growth, always finding new growth opportunities to tap into. These days, the big potential relates to artificial intelligence (AI). Could that be the catalyst that helps Apple's stock double in value?
Image source: Getty Images.
AI may already be giving Apple's business a boost
Apple has come under pressure to deliver a stronger AI strategy. It has taken a cautious approach that has resulted in a delayed rollout of new AI features for its iPhones. However, consumers may not be all that concerned. When Apple last reported earnings, iPhone sales were incredibly strong for the last three months of 2025, rising by 23% to $85.3 billion.
That's an impressive performance for a tech company that in previous quarters had been generating just single-digit growth. Consumers may have been upgrading their phones in anticipation of new AI-powered features for Apple's Siri assistant, due to come out later this year.
NASDAQ: AAPL
Key Data Points
Apple's stock may double in value, but it could take a while
Although Apple experienced a strong surge in iPhone sales last quarter, that may prove to be a one-off boost for the business, as it came during the busy holiday shopping season. The company's growth has typically been much more modest. In its most recent fiscal year, which ended on Sept. 27, 2025, its top line rose by just 6%, and iPhone sales were up by only 4%.
Apple doesn't appear to have a compelling catalyst ahead that's likely to result in stronger growth for its business over a longer time frame. And without that, I don't think the stock will generate massive returns for investors, especially with its market cap already fairly high at around $4 trillion, and the stock trading at 33 times its trailing earnings.
The company's financial performance is stellar, but I wouldn't count on the stock itself doubling in value anytime soon. In the past 12 months, it has risen by just 9% in value. While Apple is an excellent safe-haven investment to hold for the long term, there are better growth stocks to buy today.
