Apple nears $4 trillion valuation as iPhone 17 sales surge 14% in the U.S. and China

Apple’s stock is back in record-breaking territory again. The iPhone maker surged 4.5% on Monday to close at $263.70, pushing its market value to $3.91 trillion—just a short climb away from becoming the third company in history to reach the $4 trillion mark, Reuters reported. The rally follows a strong debut for the iPhone 17, which is seeing stronger-than-expected sales across major markets.

According to new data from Counterpoint Research, the iPhone 17 series outperformed its predecessor in early sales, outpacing the iPhone 16 lineup by 14% during the first 10 days of availability in the U.S. and China. That momentum appears to have reignited investor confidence in Apple’s hardware cycle, which had been under pressure earlier this year from weak demand and tougher competition in China.

“The base model iPhone 17 is very compelling to consumers, offering great value for money,” Mengmeng Zhang, senior analyst at Counterpoint told CNBC. “A better chip, improved display, higher base storage, selfie camera upgrade – all for the same price as last year’s iPhone 16. Buying this device is a no brainer, especially when you throw channel discounts and coupons into the mix.”

Apple’s rebound is striking, especially considering where things stood a year ago. In December 2024, the iPhone maker briefly closed in on the $4 trillion milestone, driven by a wave of optimism around its AI-driven initiatives to revive sluggish iPhone sales, Reuters noted. Those efforts—ranging from on-device AI upgrades to deeper ecosystem integrations—helped Apple momentarily surpass Nvidia as investors bet on a new wave of AI-fueled growth.

This latest rally suggests that excitement hasn’t faded. Over the weekend, Evercore ISI added Apple to its Tactical Outperform List, predicting the company will beat market expectations for the current quarter and deliver upbeat guidance for the December period. “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,” analysts wrote in a note.

Apple Soars Toward $4 Trillion Market Cap After iPhone 17 Outsells iPhone 16 by 14%

Apple shares have struggled at times in 2024 amid questions over U.S. tariffs on Asian manufacturing hubs like China and India. But the iPhone 17’s strong early performance appears to have eased those concerns, at least for now. Loop Capital has since upgraded Apple from hold to buy, raising its price target from $226 to $315 per share, signaling renewed confidence that the company’s comeback has legs.

If current gains hold, Apple is on track for its biggest one-day jump since August, setting the stage for a strong close to the year. Investors are now watching the company’s next big catalyst—its quarterly earnings report on October 30—which could determine whether Apple finally crosses that elusive $4 trillion threshold.

Apple: Credit (Apple)