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Even as Apple Inc. contends with rising inflation, cooling consumer demand, the strengthening dollar and lockdowns in China, its share price has surged in recent weeks and is heading for its biggest monthly gain in almost two years, up 15% in July.

The shares have beaten those of Microsoft Corp., Alphabet Inc. and Amazon.com Inc. this month, and also are dwarfing gains in the S&P 500 and Nasdaq 100 indexes. With the US flirting with a recession and data showing the economy shrinking for a second straight quarter, Apple is a household name investors are comfortable with.