Apple Inc. on Tuesday became the third Big Tech company to surpass $4 trillion in market value, joining Nvidia and Microsoft, as a surge in demand for its latest iPhone lineup lifted its stock to record highs.
Shares of the iPhone maker rose 0.2% to $269.2 in early trading, touching an all-time peak. The stock has now climbed 13% since the September 9 launch of the iPhone 17 and iPhone Air, marking a sharp turnaround that finally pushed Apple’s performance into positive territory for the year.
Analysts credited the rebound to the strong appeal of Apple’s new smartphones, which have driven sales from Beijing to Moscow despite earlier concerns about competition in China and potential disruptions from U.S. tariffs on Asian manufacturing hubs such as China and India. The company has reportedly absorbed much of the added cost from the tariffs.
Data from research firm Counterpoint showed that early iPhone 17 sales outpaced last year’s model by 14% in both the U.S. and China. Meanwhile, analysts at Evercore ISI said they expect the robust iPhone demand to help Apple beat market expectations for the September quarter and issue an upbeat outlook for the December quarter.
The iPhone Air, with its ultra-slim design, has been hailed as a key differentiator that could help fend off rivals such as Samsung Electronics. “The iPhone accounts for over half of Apple’s profit and revenue, and the more phones they can get into people’s hands, the deeper they draw consumers into their ecosystem,” noted Chris Zaccarelli, Chief Investment Officer at Northlight Asset Management.
Apple’s market climb comes as Nvidia continues to lead the valuation race at over $4.5 trillion, while Microsoft rejoined the exclusive $4 trillion club following a 2.2% stock rise after its agreement with OpenAI to restructure the ChatGPT maker as a public benefit corporation.
Despite its financial strength, Apple’s slow progress in artificial intelligence remains a sticking point for investors. Reports suggest that the company has lost several senior AI executives to Meta, while its long-delayed Apple Intelligence suite—including ChatGPT integration and a revamped Siri—is now expected next year. Apple has also explored potential partnerships with Alphabet’s Gemini AI, Anthropic, and OpenAI.
“The lack of a clear AI strategy is still an overhang for the stock,” said Zaccarelli. “If Apple can integrate AI in a way that excites consumers and the market, it could transform the company’s outlook entirely.”
Apple posted its strongest quarterly results in years during the April–June period, with double-digit growth across major segments and forecasts exceeding analyst expectations. The company is set to announce its fourth-quarter results on October 30.
Apple shares currently trade at 33.2 times projected 12-month earnings, well above the Nasdaq 100’s multiple of 27.42, according to data from LSEG. Even so, Apple’s stock has gained just over 7% this year, lagging behind the Nasdaq’s 22% advance.
The company also plans to open its first official Apple retail store in Pakistan by the end of 2025, expanding its global footprint as it continues to strengthen its market presence.
