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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.

iPhone 17 hits Moscow stores as Russian pre-orders surge despite economic strain

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Russian resellers unveiled the iPhone 17 on Saturday, with major retailer Restore: reporting a 66% jump in pre-orders compared to last year, highlighting strong demand for Apple devices despite Russia’s economic downturn.

Russia is grappling with 20-year-high interest rates and a budget deficit exceeding 4 trillion roubles, yet enthusiasm for Apple’s latest smartphones remains resilient. Apple itself halted direct sales and suspended Apple Pay in 2022 due to Western sanctions, but resellers continue to import devices through parallel channels, pushing prices far above U.S. and European levels.

At Afimall City in Moscow’s business district, Restore: displayed the new models for browsing, with deliveries promised in coming days. The base 256GB iPhone 17 is priced at 119,990 roubles ($1,437)—about 57% higher than in the U.S.

“There is a huge fan base that will never exchange iPhone for anything else,” said Lyudmila Semushina, PR director of Restore:. Customer interest is especially high for the redesigned iPhone Air and the upgraded Pro models with improved cameras.

Tech blogger Sergei Yepikhin noted that while Android remains more practical in Russia, the new iPhones’ features are luring users to switch. Restrictions on WhatsApp and Telegram calls have also boosted demand for FaceTime, further embedding iPhones into Russian digital life.

To bypass Apple Pay’s absence, Russian banks such as Sber and T-Bank recently rolled out local contactless payment services. Despite higher logistics costs from imports, Restore: said its supply chain remains “quite stable,” though short-term shortages of new iPhones are expected.

Apple was Russia’s top smartphone brand by revenue in 2024, while Xiaomi led in unit sales, underscoring the iPhone’s enduring premium appeal even in a strained economy.

Chipmaker IQE Explores Sale After Slashing Earnings Guidance

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IQE (IQE.L), the British semiconductor materials maker supplying Apple’s iPhone facial recognition sensors, said Monday it is considering a potential sale after lowering its earnings outlook amid continued weakness in the smartphone market. The announcement sent its shares down more than 12% to a 16-year low.

The company now expects core earnings between a £5M loss and a £2M profit, compared with earlier guidance of £7.4M–£10M profit. Revenue is forecast at £90M–£100M, down from the previous range of £115.1M–£123M, citing contract delays in wireless and photonics. By comparison, IQE posted £8.1M profit on £118M revenue last year.

IQE said it has been approached by an undisclosed party regarding a potential acquisition, expanding its ongoing strategic review to include a sale. The company is also pursuing the previously announced sale of its Taiwan operations, with talks underway with prospective buyers.

The group, which has facilities in the U.K., U.S., and Taiwan, has struggled under declining smartphone demand and high levies on semiconductors. Data from IDC shows global smartphone sales grew just 1% in Q2, underscoring the headwinds for suppliers.

IQE has been working to cut debt and shift production to the U.S., hoping to better align with demand trends and navigate geopolitical trade pressures. But with shares tumbling to 7.64 pence, investors are questioning whether a sale is now the most viable path forward.