Apple nears USD4trn valuation as shares surge on strong iPhone 17 demand

NEW YORK: Apple shares surged to an all-time high on Monday, with the iPhone maker close to becoming the third company to hit a USD4 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 percent during their first 10 days of availability in the two countries.

Apple shares jumped 4.2 percent to USD262.9, giving it a market capitalization of about USD3.9 trillion and making it the second most valuable company in the world after 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.

Apple unveiled in September an upgraded line of new iPhones, including a slimmer iPhone Air, and held prices steady amid US tariff concerns.

“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,” said Art Hogan, chief market strategist at B Riley Wealth.

Apple shares had struggled earlier this year on concerns over tough competition in China and uncertainties around how the company would navigate high US tariffs on Asian economies such as China and India, its major manufacturing hubs.

However, the stock has risen modestly since early August after the company pledged USD100 billion in additional US investment, a move that could help it sidestep potential tariffs.