Apple shares hit an all-time high as the iPhone maker came close to becoming the world’s third $4trillion company.
During a bumper session in New York on Monday, the stock rose as much as 5 per cent to $264.38, eclipsing the previous record set in December. The rally left the company valued at $3.9trillion (£2.9trillion) and within touching distance of the $4trillion mark which has until now only been reached by Nvidia and Microsoft.
Investors piled into Apple after data from research firm Counterpoint showed sales of the new iPhone 17 in the first ten days after its launch in the United States and China were 14 per cent higher than those of its iPhone 16 predecessor over the same period.
In a further boost, analysts at Evercore ISI added the stock to its ‘Tactical Outperform List’ of favoured shares on expectations that the final three months of 2025 will prove to be better than Wall Street is predicting.
‘The recent launch of online orders in China may be a positive tailwind, as initial delivery time data reflects stronger initial demand relative to other regions at launch,’ Evercore ISI analysts wrote in a note. And analysts at Loop Capital ungraded their rating on Apple stock from ‘hold’ to ‘buy’ on the back of strong demand for the new phone.
Last month, California-based Apple unveiled an upgraded line of new iPhones, including a slimmer iPhone Air, and held prices steady despite concern about US tariffs.
‘They rolled out the latest version of their iPhone and it’s doing much better than anticipated,’ said Art Hogan, chief market strategist at B Riley Wealth. ‘The demand trends for the company’s iPhones are now on the front foot.’
The latest rally in Apple shares comes despite a string of warnings that excitement around artificial intelligence has created a stock market bubble that is set to burst.
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