Apple stock rises to a record high after signs of a strong start to iPhone 17 sales

Apple shares rose to an all-time high on Monday after a report indicating strong demand for the company’s new iPhone 17 series in the United States and China, which account for the bulk of the company’s phone sales.

Apple’s iPhone 17 (AAPL) has far outsold the company’s previous model, outselling the iPhone 16 by 14% during its first 10 days of availability in the US and China, according to a report from tech product research firm Counterpoint Research.

Apple shares rose nearly 4% to close at a record high following the news, making the stock one of the best-performing stocks in the Dow Jones Industrial Average on Monday.

Counterpoint found that the base model of the iPhone 17 was a big driver of sales in China, while the premium iPhone 17 Max saw strong demand in the US.

Mengmeng Zhang, Counterpoint’s senior analyst, noted the “great value” of the base model iPhone 17 for its performance, with a “better chip, improved display, higher core storage, and upgraded selfie camera — all at the same price as last year’s iPhone 16.” Sales of the base model iPhone 17 in China were nearly double those of the iPhone 16 over a similar period.

Meanwhile, the iPhone 17 Pro Max saw sales soar in the US, with Counterpoint saying those who bought Apple phones during the COVID-19 pandemic moved to upgrade and large carriers tempted buyers with higher subsidies.

This article has been updated since it was first published to reflect the most recent stock prices.