Apple shares jumped to an all-time high on Monday, climbing 4.2% to US$262.90 as robust early sales data for the iPhone 17 series pushed the tech behemoth closer to becoming the third company ever to crack a $4 trillion market valuation.
The run-up handed Apple a market capitalisation of roughly $3.9 trillion, cementing its spot as the world's second most valuable company behind AI chip leader Nvidia.
The catalyst stems from impressive figures released by research firm Counterpoint, which showed that the iPhone 17 series outsold its predecessor by 14% during the first 10 days of availability in China and the United States - Apple's two biggest markets.
The base model iPhone 17 showed sales nearly doubling in China compared to the iPhone 16 during the same window.
"The base model iPhone 17 is very compelling to consumers, offering great value for money," Counterpoint Senior Analyst Mengmeng Zhang said.
The refreshed device packs an improved A19 chip, sharper display, higher base storage and selfie camera upgrades - all at the same price point as last year's model.
Apple rolled out the new lineup in September, including the slimmer iPhone Air model, while holding the line on pricing despite ongoing U.S. tariff headwinds.
The company's call to freeze prices while pumping up specifications appears to be hitting the mark with consumers, particularly in China, where discounts and channel promotions have sweetened the deal even further.
The encouraging numbers prompted Evercore ISI to slot Apple onto its Tactical Outperform List over the weekend, with analysts anticipating the company will beat market expectations for the current quarter and deliver upbeat forecasts for the December stretch.
"The recent launch of online orders in China may be a positive tailwind for the December quarter," Evercore analysts noted, highlighting that initial delivery time data reflects a stronger appetite relative to other regions at launch.
Apple's bounce-back follows a rocky start to 2025, when the stock took hits amid worries over brutal competition in China and question marks surrounding hefty US tariffs on major manufacturing hubs like China and India.
The company's commitment to funnel an additional $100 billion into US operations appears to be helping dodge these hurdles - a play that could help it sidestep potential tariffs down the track.
The stock had one of its biggest one-day pops in four weeks and will finish more than 5% higher for the year if the uptick holds.
All eyes now turn to Apple's quarterly earnings report slated for 30 October, as investors look for confirmation of the iPhone 17's early traction.
Catching up
Apple's 4.2% single-day jump stands out amid mixed 2025 results across the "Magnificent 7" tech stocks.
While the phonemaker has notched ~5% year-to-date, it has notably trailed some of its peers - though it's now clawing back ground with Monday's rally.
Meta Platforms leads the pack with gains topping 12% YTD, while Microsoft has tacked on over 7%.
By contrast, Nvidia has edged up modestly by 0.8% after recent choppiness, though it remains up a whopping 240% over the past 12 months.
Tesla and Alphabet have copped it though - both sitting in the red year-to-date as of mid-October.
