key takeaways
- Apple achieved a major milestone on Tuesday, surpassing a feat achieved only by Nvidia and Microsoft.
- The stock rally was boosted by early iPhone 17 sales, which were stronger than iPhone 16 sales, according to new research.
- Apple stock is up about 10% year to date, less than Nvidia’s 40% and Microsoft’s 29%.
In early July, Nvidia became the first company to reach a $4 trillion market cap, followed by Microsoft later in the month. Now another tech giant has joined the $4 trillion club.
Apple reached $4 trillion market capitalization for the first time on Tuesday, with the company stock price It hit a new high of nearly $270 in early trading, giving it a market capitalization of just over $4 trillion.
The stock rally has been driven by strong sales of the new iPhone 17, which Apple introduced last month. according to a Counterpoint Research Report Last week, sales of the iPhone 17 series were 14% higher than the iPhone 16 during the first 10 days after launch in both the US and China. In other words, initial iPhone 17 sales have significantly outperformed iPhone 16 sales in Apple’s two biggest markets.
Connected: Here’s why Apple stock reached an all-time high, setting a new record
The Counterpoint report also indicated that the iPhone 17 Pro Max is selling well in the US as phone carriers like T-Mobile, Verizon and AT&T offer deals to make the premium device more affordable for customers.
Meanwhile, the iPhone 17 is selling well in China, with unit sales almost double that of the iPhone 16 at the same time in 2024.
In previous comments, Apple CEO Tim Cook has consistently emphasized the strengths of the iPhone. For example, on one apple town hall meeting In 2016, Cook said that the iPhone is “the biggest business of the future” and that he expected iPhone sales to continue growing for decades.
Apple’s stock has risen by almost 10% year-on-yeara small advantage compared to 40% of nvidia And Microsoft’s 29%Investors are somewhat cautious about Apple’s position in the AI race, according to business insiderWhile Nvidia, a major supplier of AI chips, and Microsoft, a major AI investor, have seen more significant stock gains.
“Despite missing out on AI so far, Apple reaching the $4 trillion market cap club is a significant moment for Cupertino and Big Tech,” said Wedbush Securities analyst Dan Ives. bloomberg“It’s a testament to the best consumer franchise in the world.”
Connected: According to JP Morgan Investor Letter, the release date of Apple’s foldable iPhone has been revealed
for this fiscal third quarterApple generated revenue of $94.04 billion, a 10% increase year-over-year. The tech giant saw double-digit growth in its iPhone, Mac, and Services segments, as well as growth in every geographic region in which it operates.
is apple expected To report its fourth-quarter earnings on Thursday after the markets close for the period ending Sept. 30.
key takeaways
- Apple achieved a major milestone on Tuesday, surpassing a feat achieved only by Nvidia and Microsoft.
- The stock rally was boosted by early iPhone 17 sales, which were stronger than iPhone 16 sales, according to new research.
- Apple stock is up about 10% year to date, less than Nvidia’s 40% and Microsoft’s 29%.
In early July, Nvidia became the first company to reach a $4 trillion market cap, followed by Microsoft later in the month. Now another tech giant has joined the $4 trillion club.
Apple reached $4 trillion market capitalization for the first time on Tuesday, with the company stock price It hit a new high of nearly $270 in early trading, giving it a market capitalization of just over $4 trillion.
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