New york: Apple's market capitalization surpassed $4 trillion for the first time on Tuesday, becoming the third major technology company to reach this historic milestone.
According to Yemen News Agency, the strong demand for the latest iPhone models has dispelled concerns about the company's slow progress in the artificial intelligence race. The stock rose 0.2% to $269.20 in early trading, reaching an all-time high. Apple shares have gained approximately 13% since the launch of the new products on September 9, a remarkable turnaround that pushed the stock into positive territory for the first time this year.
Chris Zaccarelli, chief investment officer at Northlight Asset, stated, "The iPhone accounts for more than half of Apple's profits and revenue, and the more phones they can put in users' hands, the more people they can attract to their ecosystem."
Apple's stock had struggled earlier this year due to concerns about fierce competition in China and uncertainty surrounding how the company would handle high US tariffs on Asian economies like China and India, its main manufacturing hubs. However, the latest smartphones, including the iPhone 17 and iPhone Air series, managed to win back customers from Beijing to Moscow in the first few weeks after their launch, even as the company absorbed the increased costs resulting from the tariffs.
Data from research firm Counterpoint showed that early iPhone 17 sales outperformed its predecessor by 14% in the US and China, while analysts said the iPhone Air's slim design could help fend off competitors like Samsung.