Apple Inc. shares briefly rallied to an intraday record on Tuesday, continuing a year-end surge that’s cementing its lead over Amazon.com Inc. as 2020’s best performer among the largest technology stocks.

Apple has advanced 13 per cent in December amid signs of strong demand for its iPhone 12 models and optimism about its self-driving car efforts. The gains propelled Apple past Amazon with an 84 per cent rally in 2020 compared to Amazon’s 80 per cent increase. The S&P 500 is up 15 per cent this year.

Wall Street has grown increasingly bullish on Apple’s prospects in the coming year with analysts projecting that a recovering economy will fuel even more demand for iPhones, wearables such as Airpods and services. Apple’s revenue growth is expected to increase to 15 per cent in fiscal 2021 from 6 per cent in 2020, and profit growth is projected to double to 20 per cent, according to data compiled by Bloomberg.

After enjoying a boom in e-commerce sales this year, Amazon is expected to see slower expansion in 2021. Revenue is projected to climb 19 per cent in 2021 after expanding at an estimated 35 per cent clip in 2020.

Apple rose as much as 1.5 per cent to US$138.79 before closing with a 1.3 per cent decline. The Cupertino, California-based company is trading at 34 times projected 2021 profit, up from 10 at the beginning of 2019. Amazon is valued at 56 times estimated earnings.