Official announcement or product release by Apple

Apple Shares Hit Record High, Market Cap at $3.6 Trillion, as iPhone 16 China Sales Rise 20%

Oct 18, 2024, 08:20 AM

Apple Inc.'s shares reached a record high on Tuesday, rising 2.5% and bringing the company's market capitalization to $3.6 trillion. The stock surged up 1% in premarket trading after data showed new iPhone sales in China jumped 20% in the first three weeks compared to last year's model. The increase is attributed to strong demand for the iPhone 16 Pro and Pro Max models, indicating robust consumer interest in one of Apple's key markets. Investors are also optimistic about the upcoming introduction of artificial-intelligence-powered iPhones, with Apple Intelligence expected at the end of October. This anticipated AI-driven super cycle led by the iPhone 16 has fueled expectations of significant growth for the company.