Boosted by robust gross sales of its iPhone 17 collection, Apple is on the verge of changing into solely the third firm in historical past to the touch US$4 trillion in market capitalisation. The corporate’s shares surged to an all-time excessive on Monday.
Analysis agency Counterpoint mentioned iPhone 17 collection outperformed its predecessor in early gross sales in China and the US. The newest fashions outsold the iPhone 16 collection by 14 per cent throughout their first 10 days of availability within the two nations.
Apple outpaces Microsoft in valuation
Apple shares surged to US$262.24 at shut on Monday, implying a market capitalisation of US$3.89 trillion, surpassing Microsoft because the second most precious firm on this planet.
The one different corporations to cross the US$4 trillion valuation are chipmaker Nvidia and Microsoft.
Nvidia, at US$182.64 a share, has a market cap of US$4.44 trillion, whereas Microsoft has fallen to quantity three at US$3.84 trillion. The software program big’s shares had been buying and selling at US$516.79 on Monday, down from a 52-week excessive of US$555.45.
Apple shares had struggled earlier this 12 months on considerations over falling gross sales amidst powerful competitors in China and uncertainties round how the corporate would navigate excessive US tariffs on Asian economies similar to China and India, its main manufacturing hubs.
Counterpoint knowledge confirmed that gross sales of the bottom mannequin iPhone 17 almost doubled in China in comparison with the iPhone 16 throughout the identical interval.
Apple unveiled its iPhone 17 collection in September, and included within the line-up was iPhone Air, its slimmest telephone ever. It additionally stored the costs roughly similar because the iPhone 16 fashions.
The Cupertino-based firm is scheduled to report quarterly earnings on October 30.
