Apple Races Past $4 Trillion Market Cap After Strong iPhone 17 Sales

iPhone maker Apple Inc. has crossed the $4 trillion market value for the first time on Tuesday as robust demand for its recently launched series calms fears of its slow progress in AI race.

This makes Apple the third Big Tech company to hit the $4 trillion milestone.

Apple's shares have risen over 13% since the latest launch on Sept. 9. On Tuesday the shares rose over 0.39% to $269.87 per share before paring gains to trade 0.17% at $269.28 per share.

Apple shares have rallied more than 56% since its April low, according to Bloomberg adding about $1.4 trillion in market value. This comes amid optimism surrounding its updated line of iPhones and easing tariff pressures.

According to Counterpoint Research, the iPhone 17 series outsold the iPhone 16 range by 14% over their first 10 days on sale in the US and China.

UAE retailers earlier this month had reported a shortage of iPhone 17 models in their inventory as demand for the product overtook its supply by a considerable margin.

According to a report from the Khaleej Times, a Dubai-based publication on Thursday, retailers said that here has been "unprecedented demand" for the mobile devices in the UAE.

There has been unprecedented demand for the iPhone 17 in the UAE with footfall increasing by 50% than the previous year, Rajat Asthana, chief executive officer of Eros Group, an electronics retailer told the publication.

The company also launched new versions of the iPad Pro, Vision Pro and entry-level MacBook Pro with its new M5 chip, helping to fill out its product lineup ahead of the holiday season.

Apple’s ascension to the $4 trillion mark comes just months after Nvidia Corp. became the first company in history to achieve the milestone. Tech giant Microsoft Corp. had also briefly cracked the mark in July after reporting strong quarterly earnings, but it has failed to close above the level. Microsoft jumped back above the threshold on Tuesday after announcing a new pact with OpenAI.

Apple has crossed both Alphabet and Amazon in terms of market cap to touch the $4 trillion mark.