With a market valuation of over $3.9 trillion and a 4.2% increase in shares to $262.9, Apple is now the second most valuable corporation in the world, after the AI chip behemoth Nvidia.
As statistics indicated good momentum for the current iPhone, Apple shares jumped to an all-time high on Monday, almost making the corporation the third to reach a $4 trillion market capitalization.
According to data from research company 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 share price to $262.9, Apple now has a market valuation of over $3.9 trillion, making it the second most valuable corporation globally, after the AI-chip behemoth Nvidia.
Since the brokerage believes Apple will surpass market estimates for the current three-month period and provide optimistic projections for the December quarter, Evercore ISI added the company to its Tactical Outperform List over the weekend.
Evercore ISI analysts noted in a note that “the recent introduction of online orders in China may be a favorable tailwind for the Dec-qtr, given first delivery time data suggests better initial demand compared to other countries at launch.”
Amid worries about U.S. tariffs, Apple maintained pricing flat while revealing an updated lineup of new iPhones in September, including the thinner iPhone Air.
Art Hogan, chief market analyst at B Riley Wealth, said, “They launched the most recent version of their iPhone and it is performing far better than expected… the demand patterns 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 firm would handle hefty U.S. tariffs on Asian nations, including China and India, which are its main manufacturing bases.
However, the company’s vow of $100 billion in new U.S. investment, which might help it avoid future tariffs, has caused the stock to gain marginally since early August.
If gains continue, the stock will have its largest one-day leap in four weeks and will be up over 5% year-over-year.
On October 30, Apple will release its quarterly financial results after the bell.