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Apple closes in on $4 trillion valuation amid iPhone sales surge
Research firm Counterpoint reported that the iPhone 17 series outperformed its predecessor in early sales across key markets, including China and the United States. The newer models surpassed the iPhone 16 series by 14% during their initial ten days of availability in the two countries.
Apple shares rocketed to an all-time high on Monday, propelling the iPhone maker to the brink of a historic $4 trillion market valuation. The massive surge comes as fresh data signals robust consumer enthusiasm for the latest iPhone 17 series, as per reports.
The company's stock jumped 4.2% to $262.9, lifting its market capitalization to approximately $3.9 trillion. This cemented its position as the second most valuable company globally, trailing only the AI-chip behemoth Nvidia.
Research firm Counterpoint reported that the iPhone 17 series outperformed its predecessor in early sales across key markets, including China and the United States. The newer models surpassed the iPhone 16 series by 14% during their initial ten days of availability in the two countries.
Art Hogan, chief market strategist at B Riley Wealth, noted, "They rolled out the latest version of their iPhone and it's doing much better than anticipated... the demand trends for the company's iPhones are now on the front foot."
Adding to the momentum, Evercore ISI placed Apple on its Tactical Outperform List over the weekend. The brokerage anticipates Apple will beat consensus estimates for the current quarter and issue upbeat forecasts for the critical December period.
Evercore ISI analysts highlighted strong initial demand reflected in early delivery times, particularly noting the recent launch of online orders in China as a "positive tailwind" for the December quarter.
The latest jump marks a significant recovery for the stock, which had struggled earlier this year amid heightened concerns over tough competition in China and uncertainties surrounding how Apple would navigate high U.S. tariffs on Asian manufacturing hubs.
However, the stock has gained since Apple's pledge of a $100 billion additional U.S. investment, a move perceived as potentially mitigating future tariff impacts.
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