After the company’s stock price reached an all-time high on Monday in response to a Counterpoint Research report stating that initial iPhone 17 sales have outpaced iPhone 16 sales in the US and China, Apple’s (AAPL) market capitalization is approaching the $4 trillion barrier.
In early trading on Tuesday, Apple’s stock price increased by less than 1%.
The research claims that during the first ten days of the phones’ release in the area, iPhone sales increased by 14% year over year. Sales of the standard iPhone 17 increased by over one-third.
“The base model iPhone 17 is very compelling to consumers, offering great value for money,” Mengmeng Zhang, a senior analyst at Counterpoint Research, reported in a statement.
For the same price as the iPhone 16 from the previous year, it has an upgraded selfie camera, a better chip, a better display, and more basic storage. Purchasing this item is a no-brainer, particularly when channel discounts and promotions are included. Simply put, Chinese customers are thanking Apple for its exceptionally high value for money, Zhang continued.
Apple’s stock has increased 11.7% in the last 12 months and 4.8% so far this year.
The most recent iPhone models from Apple include a variety of significant enhancements, such as better cameras, more potent processors, and longer battery life.
The all-new iPhone Air has a lighter, slimmer overall design, while the $1,099 iPhone 17 Pro and $1,199 Pro Max also have improved camera zoom capabilities.
According to Counterpoint, the 17 Pro line has experienced significant demand as a result of increased carrier subsidies that are pushing customers toward the more expensive smartphone.
Meanwhile, sales of the $999 Air are marginally surpassing those of the iPhone 16 Plus, which it replaced this year.
Wall Street is still waiting for Apple to deliver on its promised AI-enhanced version of Siri, despite the strong sales.
Siri was supposed to be released by June, but the business had to postpone the deployment because of performance issues.
Apple is under further pressure because rivals Google (GOOG, GOOGL) and Samsung (005930.KS) already have AI features on their handsets.
As shares rise because to strong demand for the iPhone 17, Apple’s valuation approaches $4 trillion.
Data indicated solid momentum for the current iPhone, putting the corporation on the verge of being the third to reach a $4 trillion market worth.
According to data from research firm Counterpoint, the iPhone 17 series sold better than its predecessor in China and the US in the first 10 days of availability. In China, the newer handsets sold 14% more than the iPhone 16 series.
With a 4.2% increase in its stock price to $262.9, Apple now has a market valuation of almost $3.9 trillion, making it the second most valuable business globally, after the AI-chip giant Nvidia (NVDA.O), opens a new tab.
Since the brokerage believes Apple will surpass market estimates for the current three-month period and release optimistic projections for the December quarter, Evercore ISI added the company to its Tactical Outperform List over the weekend.
“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,” the analysts at Evercore ISI stated in a report.
Amid worries about U.S. tariffs, Apple held pricing flat while revealing an updated lineup of new iPhones in September, including the thinner iPhone Air.
Art Hogan, chief market strategist at B Riley Wealth, stated, “They launched the most recent 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.”
Early in the year, Apple’s stock had fallen due to worries about fierce competition in China and how the company would handle hefty U.S. tariffs on Asian economies, including China and India, which are its main manufacturing bases.
However, the company’s vow of $100 billion in new U.S. investment, which could help it avoid future tariffs, has caused the stock to gain marginally since early August.
If gains continue, the stock is poised for its largest one-day surge in four weeks, bringing its annual gain to above 5%.
On October 30, Apple will release its quarterly financial results after the bell.
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