Apple nears $4 trillion valuation as shares surge on strong iPhone 17 demand

Apple shares surged to an all-time high on Monday, with the iPhone maker close to becoming the third company to hit a $4 trillion market valuation as data showed strong momentum for the latest iPhone, reports Reuters.
Data from research firm Counterpoint showed the iPhone 17 series outperformed its predecessor in early sales in China and the United States, with the newer models out-selling the iPhone 16 series by 14 per cent during their first 10 days of availability in the two countries.
Apple shares jumped 4.2 per cent to $262.9, giving it a market capitalization of about $3.9 trillion and making it the second most valuable company in the world after AI-chip giant Nvidia.
Over the weekend, Evercore ISI added the stock to its Tactical Outperform List as the brokerage expects Apple to beat market expectations for the current three-month period and issue upbeat forecasts for the December quarter.
"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," Evercore ISI analysts wrote in a note.
Apple unveiled in September an upgraded line of new iPhones, including a slimmer iPhone Air, and held prices steady amid US tariff concerns.
"They rolled out the latest version of their iPhone and it's doing much better than anticipated ... the demand trends for the company's iPhones are now on the front foot," said Art Hogan, chief market strategist at B Riley Wealth.