Apple Joins Exclusive $4 Trillion Club Amid iPhone 17 Surge

UPDATE: Apple has just achieved a groundbreaking milestone, reaching a market capitalization of $4 trillion for the first time in history. This significant development makes Apple the third company to enter this exclusive club, following tech giants Nvidia and Microsoft.

Early trading on Tuesday saw Apple’s stock price peak at approximately $270, propelling its market cap to just over $4 trillion before a slight retreat. Currently, Nvidia leads with a valuation of about $4.7 trillion, while Microsoft sits at nearly $4.1 trillion.

This surge in value is primarily driven by strong sales of the newly launched iPhone 17. According to Counterpoint Research, the iPhone 17 outsold its predecessor in both the US and China within its first ten days of availability, fueling investor optimism and pushing Apple’s shares to record highs.

Despite this impressive performance, Apple’s stock has risen only around 7% year-to-date, as concerns linger about its competitive stance in the rapidly evolving AI landscape. In contrast, Nvidia, a major supplier of AI chips, has seen its stock soar by 44% this year, while Microsoft, a key investor in ChatGPT creator OpenAI, has gained 29%.

The broader US stock market opened higher on Tuesday, continuing a trend of record highs driven by strong earnings reports and easing fears of a US-China trade conflict. Apple’s sustained success underscores its status as one of the world’s most valuable companies, consistently generating substantial revenue and profits.

Apple’s latest annual report reveals that the company achieved net sales of $391 billion and a net income of $94 billion in the last financial year. This included over $200 billion from iPhone sales, $96 billion from services, $30 billion from Macs, $27 billion from iPads, and $37 billion from other devices.

As Apple continues to innovate and expand its market presence, investors and consumers alike will be watching closely for the company’s next moves in both the smartphone and AI arenas.

Stay tuned for further updates on this developing story.