Apple overtook Microsoft as the world’s second most valuable company on Monday after a stock rally fueled by increased demand for the iPhone 17, the tech giant’s latest flagship model, pushed the tech giant’s market capitalization close to the $4 trillion mark for the first time in history.
Key data
Apple shares closed up 3.9% at $262.24 on Monday, marking the stock’s highest close of all time.
Monday’s rally comes after a report from Counterpoint Research found that the iPhone 17 outsold the iPhone 16 by 14% in China and the United States within its first 10 days since its launch (September 19).
US and China sales for the base model iPhone 17 represent 22% of Apple’s newest offerings, up 31% from the initial 10-day sales of the iPhone 16.
Shares of the iPhone maker are now up 5.9% in the last week of trading.
Keep reading: Apple will invest more in China despite trade dispute with Trump: Beijing
big number
3.9 billion dollars. That’s Apple’s market capitalization as of Monday afternoon, surpassing Microsoft’s $3.8 billion. Only Nvidia (4.4 bdd) is more valuable.
Crucial ideals
“Buying this device is a piece of cake, especially if we add to that the discounts and coupons from the channels,” said Mengmeng Zhang, senior analyst at Counterpoint, in a statement, highlighting the numerous feature improvements and the same price as the iPhone 16 at its launch. “In short, it offers excellent value for money, and Chinese consumers are rewarding Apple for it.”
Key background
Apple shares are up 5% since the beginning of the year, well below broader market gains.
The company’s shares plummeted to $172.42 in April following President Donald Trump’s sweeping tariff announcements.
Apple, which depends on China for its manufacturing, lost almost $640 billion in market capitalization following the president’s decision.
He managed to obtain conditional tariff exemptions for iPhones and semiconductors from the Trump administration, committing $500 billion to boost domestic manufacturing. However, it risks breaking out into a broader trade war with Beijing following Trump’s announcement of possible 100% tariffs against China. The United States already has a 30% tariff on China.
This article was originally published on Forbes US
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