Apple Nears $4 Tln Valuation As IPhone 17 Sales Outpace IPhone 16

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(RTTNews) - Strong initial sales of the iPhone 17 lineup drove shares of Apple Inc. (AAPL) to a record high on Monday, bringing the company closer to a $4 trillion market capitalization.

In the first 10 days of its release, sales of the iPhone 17 increased by 14 percent year over year in the U.S. and China, with sales of the standard model increasing by almost one-third, according to Counterpoint Research.

Mengmeng Zhang of Counterpoint attributed the spike to the base iPhone 17's compelling value proposition, which includes an enhanced selfie camera, a better chip, a better display, and more storage at the same price as the previous year.

Citing Chinese discounts and coupons, Zhang stated, "Purchasing this device is a no-brainer." Improved cameras, quicker processors, and longer battery life are features of Apple's most recent lineup, which includes the iPhone 17, 17 Pro, 17 Pro Max, and the brand-new iPhone Air.

Strong carrier-driven demand is driving demand for the high-end Pro models, while the iPhone Air is marginally outselling the 16 Plus.

Although investors are still waiting for the company's long-delayed AI-powered Siri update, Apple's stock has increased 4.8 percent so far this year and 11.7 percent in the last year.