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Apple Nears $4 Trillion Valuation as iPhone 17 Demand Surges in China and U.S.

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Apple shares soared 4.2% to $262.9 on Monday, pushing the tech giant’s market capitalization to $3.9 trillion — within striking distance of becoming the third company ever to hit $4 trillion. The surge follows stronger-than-expected early sales of the iPhone 17 series, which has outperformed its predecessor across key markets.

Data from Counterpoint Research showed that iPhone 17 sales in China and the United States were 14% higher during the first 10 days compared to the iPhone 16 launch, signaling renewed momentum for Apple’s flagship product. The rally places Apple just behind AI-chip leader Nvidia, now the world’s most valuable company.

Brokerage Evercore ISI added Apple to its Tactical Outperform List, predicting that the company will exceed quarterly forecasts and issue optimistic guidance for the December period. Analysts pointed to robust online orders in China, where delivery times suggest particularly strong early demand.

Apple’s September launch introduced an upgraded iPhone lineup, including the slimmer iPhone Air, while keeping prices stable despite U.S. tariff pressures. “The demand trends are clearly on the front foot again,” said Art Hogan, chief market strategist at B Riley Wealth.

After struggling earlier this year due to weakness in China and tariff concerns, Apple’s stock has rebounded since August, buoyed by its $100 billion U.S. investment plan aimed at mitigating trade risks. If the rally holds, Monday will mark Apple’s largest one-day gain in four weeks, setting the stage for its October 30 earnings report.

ASML said it expects Chinese sales to fall “significantly” next year, after having made up nearly half of company sales in 2024 and a third so far in 2025. CFO Roger Dassen said on a media call the decline was a “normalization” and not due to stockpiling amid the U.S.-China trade war. U.S.-led export restrictions mean ASML cannot sell its most advanced tools in China, a point of contention between the superpowers, with China recently tightening control of exports of rare earth metals. ASML said it would not be affected by those restrictions in the short term. ASML said sales will be, at worst, flat in 2026, from around 32.5 billion euros ($37.82 billion) in 2025. “We believe the bearish view of a worse than expected 2026 will be put to rest and the market will focus on the extent the company can grow in 2027”, JPMorgan analysts said. ASML’s lithography tools, key for making chip circuitry, are sold to TSMC of Taiwan (2330.TW), opens new tab – which makes most AI chips for Nvidia – and to other logic chip firms such as China’s SMIC (0981.HK), opens new tab and Intel (INTC.O), opens new tab. It also serves memory chip makers like Samsung (005930.KS), opens new tab, SK Hynix (000660.KS), opens new tab and Micron (MU.O), opens new tab. The company reported third-quarter net income of 2.12 billion euros, in line with the 2.11 billion euros analysts expected, according to LSEG IBES data.

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ASML, the world’s leading manufacturer of chip-making machines, surpassed market expectations for new orders as global demand for AI technologies continues to surge. CEO Christophe Fouquet highlighted that the company is experiencing “continued positive momentum around investments in AI,” which is fueling growth in both advanced logic and memory chip sectors.

The Dutch tech giant reported net bookings of €5.40 billion for the third quarter, slightly above analysts’ forecasts, and confirmed a net income of €2.12 billion — matching market expectations. ASML’s shares have jumped 37% since September and rose an additional 3.2% in early trading to €873.80.

However, ASML warned that sales to China are expected to fall sharply next year after years of rapid growth. CFO Roger Dassen described the dip as a “normalization” rather than a response to U.S.-China trade tensions. U.S. export controls continue to prevent ASML from selling its most advanced lithography systems in China, though the company said recent Chinese restrictions on rare earth exports won’t affect it in the near term.

ASML now forecasts flat sales in 2026, around €32.5 billion, before growth resumes in 2027. Analysts at JPMorgan believe market concerns over a weaker 2026 will ease, shifting focus toward the company’s long-term expansion prospects. ASML’s customers include major chipmakers such as TSMC, Intel, Samsung, SK Hynix, and Micron, which all play critical roles in AI hardware development.

Pandora Considers Restructuring Its Struggling China Business Amid Sales Decline

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Danish jewelry giant Pandora is exploring options to restructure its operations in China after years of steep declines in both online and offline sales, according to sources familiar with the matter. The company is reportedly in talks with China-based investment funds and e-commerce partners about potentially licensing its brand and assets, including existing inventory, for a period of five years.

Pandora, the world’s largest jeweler by volume, has faced significant challenges in China, the world’s second-largest economy. Post-pandemic consumer slowdown, a widespread property market crisis, and intense competition from local, digitally savvy brands in the crowded e-commerce space have all taken a toll. Additionally, Chinese consumers have shown a growing preference for gold and higher-value jewelry over Pandora’s offerings.

In a statement to Reuters, Pandora acknowledged the need to reposition its brand in China and said it was working on a turnaround that “will take time.” The company reaffirmed its commitment to the Chinese market but did not comment directly on possible restructuring plans.

Financial filings reveal Pandora’s revenue in China fell nearly 80% to 416 million Danish crowns ($65 million) in 2024, down from 1.97 billion crowns in 2019. The country’s contribution to Pandora’s overall revenue shrank from about 11% to roughly 1% during that period. The business has seen considerable leadership turnover, with three managing directors since 2022. The current managing director, Thomas Knudsen, began in January, shortly before Pandora announced plans to close 50 stores in China this year.

Experts warn that finding a suitable partner or stakeholder for Pandora’s China business may be difficult given the ongoing market headwinds and weak performance. Jonathan Yan, a principal at consulting firm Roland Berger in Shanghai, said financial investors are unlikely to be interested, though e-commerce firms focused on higher-margin brand ownership might consider a deal.

The restructuring model being considered could resemble Gap’s 2022 sale of its China business to Baozun, a leading Chinese e-commerce partner, for $40 million to $50 million. The potential value of a Pandora deal remains unclear.

Sources indicate that Pandora’s e-commerce sales in China have declined more sharply than in physical stores. An acquisition by a local operator with expertise in Chinese e-commerce could offer a better chance at recovery, though any turnaround effort is expected to be costly.

Yan noted, “They will need to burn money and have a very innovative approach, and even then it won’t be easy.”