Apple’s stocks surged to an all-time high on Monday, edging the company closer to a $4 trillion market value following robust early sales figures for its latest iPhone models, according to a recent Reuters report. The stock climbed by 4.2% to $262.90, propelling Apple to a market capitalization of around $3.9 trillion. At present, Apple boasts a market cap of $3.891 trillion, securing the second position globally in terms of market cap, trailing only Nvidia and surpassing Microsoft.
The Reuters report cites research firm Counterpoint, which revealed that the new iPhone 17 series outperformed its predecessor, with sales in China and the United States surpassing iPhone 16 series sales by 14% in the first ten days of availability. Despite ongoing concerns about US tariffs, the company maintained consistent pricing for its new devices.
According to analysts at Evercore ISI, who included Apple in their Tactical Outperform List, initial delivery times in China indicate stronger demand compared to other regions. The surge in share price comes after a period of earlier challenges this year when Apple encountered competitive pressures in China and potential tariff repercussions.
Apple is set to announce its quarterly earnings on October 30. If the current gains hold, this would mark the stock’s most substantial single-day increase in four weeks, as per Reuters.