Apple’s stock price is approaching an all-time high on September 22, driven by strong initial sales of its latest iPhone 17 series.As of 12:01 p.m. Eastern Time (9:01 a.m. Pacific Time) on the day, Apple’s stock was trading at $256.26, up 4.38% from the previous trading day, as shown in the finance card above.

The stock opened at $248.45, up about 1%, and continued to climb, nearing its record high of $260.10 set in December last year. Apple’s market capitalization has surged to $3.802 trillion, closing in on the $4 trillion mark. At the same time, it narrowed the gap with Nvidia, the market cap leader, whose stock fell 0.63% to a market cap of $4.272 trillion. The stock’s rise is attributed to the iPhone 17 series, launched on September 9, exceeding sales expectations. Pre-orders began on September 12, with the official release starting on September 19 in markets like the U.S. and South Korea.

Wall Street analysts have praised the new iPhone for a “successful opening weekend.”Dan Ives, an analyst at Wedbush Securities, said he was “positively surprised by demand trends,” noting that “iPhone 17 demand is running 10–15% ahead of last year’s iPhone 16.” He added that checks on the Asian supply chain indicate plans to increase production of base and Pro models by about 20%.Ives highlighted that the top-tier iPhone 17 Pro Max has become the hardest model to obtain, with shipping dates delayed by weeks in several regions.

He predicted that this iPhone upgrade cycle, “while not stellar, will be solid.” Accordingly, Wedbush raised its price target for Apple from $270 to $310.Bill Stone, Chief Investment Officer at Glenview Trust Company, which manages about $15.7 billion in assets and holds Apple stock, said, “Demand for the new product has been much stronger than expected. Given the low expectations, the current demand is a pleasant surprise, and positive news always acts as a tailwind for the stock price.

”By Yonhap News