Apple shares surged to an all-time high on Monday, with the iPhone maker close to becoming the third company to hit a $4 trillion market valuation as data showed strong momentum for the latest iPhone.
Data from research firm Counterpoint showed the iPhone 17 series outperformed its predecessor in early sales in China and the United States, with the newer models out-selling the iPhone 16 series by 14% during their first 10 days of availability in the two countries.
Apple shares jumped 4.5% to $263.7, giving it a market capitalization of about $3.91 trillion and making it the second most valuable company in the world behind AI-chip giant Nvidia.
Over the weekend, Evercore ISI added the stock to its Tactical Outperform List as the brokerage expects Apple to beat market expectations for the current three-month period and issue upbeat forecasts for the December quarter.
“The recent launch of online orders in China may be a positive tailwind for the Dec-qtr, as initial delivery time data reflects stronger initial demand relative to other regions at launch,” Evercore ISI analysts wrote in a note.
iPhone 17 outsells predecessor by 14% in early China, US sales, research firm says
Apple shares struggled earlier this year on concerns over tough competition in China and uncertainties around how the company would navigate high U.S. tariffs on Asian economies such as China and India, its major manufacturing hubs.
The stock is set for its biggest one-day jump since early August if gains hold and will be up 5% year-to-date.
Apple will report quarterly earnings after the bell on October 30.
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