Apple is edging closer to a $4 trillion market valuation after its shares jumped 4.2% to a record $262.9, driven by booming demand for the iPhone 17 series in China and the United States. According to Counterpoint Research, early sales of the new lineup exceeded those of the iPhone 16 by 14% during the first 10 days, signaling a strong rebound for Apple’s most important product.
The performance lifted Apple’s total market value to $3.9 trillion, second only to Nvidia, which recently overtook the company amid the AI chip boom. Analysts at Evercore ISI added Apple to their Tactical Outperform List, expecting the company to beat market forecasts for the quarter ending in December. They cited stronger Chinese online orders and faster delivery times as signs of healthy global demand.
Apple’s latest lineup — featuring the slimmer iPhone Air — launched in September with stable pricing despite U.S. tariff concerns. After a sluggish start to 2024 marked by competition in China and trade uncertainty, Apple’s renewed U.S. investment plans worth $100 billion have helped ease investor anxiety.
If Monday’s rally holds, it would mark Apple’s biggest one-day gain in a month and push its annual rise above 5%. The company is set to report earnings on October 30, and optimism is high that the iPhone 17 surge will deliver record quarterly results.
