Tech company’s stock enters positive territory for first time this year after gaining about 13% since new iPhone launches
Apple topped $4tn in market value for the first time on Tuesday, the third tech company to hit the milestone, as robust demand for its latest iPhones allayed fears over its slow progress in the AI race. Microsoft reached a $4tn market cap for the second time the same day as the wider US stock market hit record highs.
Apple’s shares have gained about 13% since the new launches on 9 September, in a remarkable turnaround that pushed the stock into positive territory for the first time this year.
“The iPhone accounts for over half of Apple’s profit and revenue, and the more phones they can get into the hands of people, the more they can drive people into their ecosystem,” said Chris Zaccarelli, chief investment officer for Northlight Asset Management, ahead of the milestone.
Apple shares had struggled earlier this year on concerns over tough competition in China and uncertainties around how the company would navigate high US tariffs on Asian economies such as China and India, its major manufacturing hubs.
