Apple shares experienced a remarkable increase of 4.2%, reaching $262.9, which elevates its market capitalization to approximately $3.9 trillion. This positions the technology giant as the second most valuable company globally, trailing only behind AI-chip leader Nvidia.
The stock”s surge comes as the iPhone 17 series demonstrates robust demand in both China and the United States, outperforming the previous generation. According to research firm Counterpoint, the new models sold 14% more than the iPhone 16 series during their initial ten days on the market in these key regions.
Over the weekend, financial services firm Evercore ISI included Apple in its Tactical Outperform List. The firm anticipates that Apple will surpass market expectations for the current quarter and provide optimistic projections for the December quarter. Analysts at Evercore noted, “The recent launch of online orders in China may be a positive tailwind for the December quarter, as initial delivery time data reflects stronger initial demand relative to other regions at launch.”
In September, Apple introduced an enhanced lineup of smartphones, which included a sleeker version, the iPhone Air, while maintaining stable pricing amid concerns regarding U.S. tariffs. Market strategist Art Hogan from B Riley Wealth remarked, “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.”
Earlier this year, Apple faced challenges, including fierce competition in China and uncertainties surrounding the impact of high U.S. tariffs on its primary manufacturing locations, such as China and India. However, since early August, the company”s stock has gradually increased following its announcement of a $100 billion investment in the United States, which could help mitigate possible tariff issues.
If the current gains persist, Apple”s stock will mark its largest single-day increase in four weeks and will have risen more than 5% for the year. The company is scheduled to announce its quarterly earnings on October 30.
