Not quite. Apple's stock increase from mid 2007 (when the iPhone was released) to today is around 38x when using the "adjusted close" price from June 29, 2007 and present day. That accounts for splits and dividend payments in some fashion, and I'm not going to dive too deeply into the best prices to use (because I have no useful input into that question), but the math is pretty close whichever way you look at it.