Apple (AAPL) has become the latest company to reach the $4 trillion market cap mark, joining the likes of Nvidia (NVDA) and Microsoft (MSFT). Microsoft has since retreated below the landmark number.
Apple’s shares received a further boost following Counterpoint Research’s report that the new iPhone 17 lineup outsold the iPhone 16 over the first 10 days it was available in the US and China.
According to the report, iPhone sales jumped 14% year over year during the period, with consumers showing particular interest in both the base iPhone 17 and the iPhone 17 Pro models.
Apple’s new iPhone Air is also slightly outselling the iPhone Plus, which it replaced this year.
But in an Oct. 19 research note, Jefferies analyst Edison Lee said that iPhone sales have cooled off week over week, with lead times, the time it takes to receive a phone after ordering it, shrinking.
“Our tracking of six major markets shows that delivery lead time continues to fall vs last week in most markets and most models,” Lee wrote.
“For [iPhone 17 Pro], the US now has zero lead time, which means 3 out of the 6 markets we track have no lead time, while the lead time in China has also fallen. For [iPhone Pro Max], the lead time in the US has fallen further, while Germany/UK remains zero,” he added.
Apple’s iPhone is still the company’s most important business, bringing in $201.2 billion of its $391 billion in total revenue for 2024. Its second-largest segment, Services, brought in $96.2 billion.
Unlike Nvidia and Microsoft, which crossed the $4 trillion market cap mark on the strength of their AI offerings and the broader hype surrounding the AI trade, Apple is relatively far behind when it comes to the technology.
The company still hasn’t revealed its highly anticipated AI-powered version of Siri, while rivals Google and Samsung already offer their own AI services in the form of Gemini and Galaxy AI, respectively.
Still, Apple’s massive user base of more than 1 billion iPhones and complementary devices such as the Apple Watch and services like Apple TV all but ensure those customers will keep coming back for more.
Email Daniel Howley at dhowley@yahoofinance.com. Follow him on X/Twitter at @DanielHowley.
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