Apple shares surged to a record high on Monday, edging the company closer to a $4 trillion market valuation after strong demand for the newly launched iPhone 17 series.
The iPhone 17 lineup overtook last year’s iPhone 16 series by 14% in early sales across the United States and China, as the base model nearly doubled sales in China.
Analysts say that promotional discounts and coupons from retail channels in China further spurred demand.
Apple stock climbed 4.5% to $263.70, lifting its market capitalisation to $3.91 trillion and placing it just behind Nvidia, which currently holds the top spot with a valuation of over $4 trillion. The company is now set to become the third in history to reach that level, alongside Microsoft and Nvidia.
“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.
The brokerage recently added Apple to its Tactical Outperform List, pointing to expectations that the company will surpass Wall Street forecasts for its current quarter and deliver optimistic guidance for the next.
Apple has been working to recover ground in China after a slow start earlier this year. The tech giant had faced competition from Huawei’s Mate 60 Pro and rising nationalist opinion that favoured local brands.
But the decision to open direct online orders in China, combined with faster delivery times, appears to have reignited momentum in the region.
Art Hogan, chief market strategist at B. Riley Wealth, said, “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.”
In September, Apple unveiled its latest product range, including the thinner iPhone Air, while maintaining prices despite concerns over potential U.S. tariffs.
Earlier in the year, the company’s stock had been weighed down by trade issues and high import duties on goods from Asian manufacturing hubs such as China and India.
However, trust began to return in August after Apple announced a $100 billion investment plan in the United States, a move seen as both a strategic buffer against tariff risks and a reassurance to investors about its long-term outlook.
The rally in Apple’s shares also boosted suppliers such as Taiwan Semiconductor Manufacturing Company (TSMC), Hon Hai Precision, and LG Innotek.
Apple’s strong performance comes with a rally in the technology sector, driven by growing demand for AI chips, resilient consumer spending, and a change by investors towards mega-cap stocks. If the growth continues, Apple could soon join Nvidia and Microsoft in the elite $4 trillion club.
The company is scheduled to report its quarterly earnings on October 30.
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