Apple Shatters $4 Trillion Market Cap Amidst iPhone Surge

Apple achieved a market valuation of $4 trillion, driven by the strong demand for its new iPhone models, amid concerns over its slow advancement in AI. The company's stock soared despite previous competition challenges in China and concerns over high U.S. tariffs on Asian economies.

Apple Inc. has surpassed a $4 trillion market value for the first time, becoming only the third Big Tech firm to achieve the feat. This milestone is attributed to the robust demand for its latest iPhone models, which eased investor concerns about Apple's delayed progress in artificial intelligence.

The company's stock price saw an increase of 0.2% to $269.2 during early trading, reaching an unprecedented peak. Analysts credit the surge to the September launch of new iPhone models, which have accounted for a 13% year-to-date share gain. This marks a positive shift amid earlier challenges.

Apple now joins Nvidia and Microsoft in the $4 trillion club, albeit trailing Nvidia's $4.5 trillion valuation. While Apple's AI strategy raises some investor questions, reports suggest multiple collaborations with AI companies like OpenAI and Anthropic could reshape its future direction. The company plans to announce its fourth-quarter results on October 30.

(With inputs from agencies.)