Apple Inc (NASDAQ:AAPL, ETR:APC) shares jumped about 4% in US trading to above US$263, setting a new intraday high after a report pointed to brisk early demand for this year’s iPhones. The rally pushed Apple’s market value past Microsoft’s, making it the second-largest US company by market capitalisation.
Research firm Counterpoint said late Sunday the iPhone 17 series sold 14% more units than the iPhone 16 line during the first 10 days on sale in China and the US, Apple’s two biggest markets. It noted especially strong uptake for the base iPhone 17 in China, while the higher-end iPhone 17 Pro Max is ramping fastest in the US.
Apple is on track for its first record closing price since December.
Last month, the company unveiled the iPhone 17 range alongside a thinner iPhone Air. Wall Street is watching the launches closely to see whether they outperform prior cycles and whether customers who bought during the pandemic but delayed upgrading will return for the new models.