Apple tops $4 trillion valuation on strong iPhone 17 demand

Apple surpassed a market valuation of $4 trillion this week, buoyed largely by strong early sales of the iPhone 17 series, company executives and analysts said. The milestone, reached after the company reported quarterly results, marks Apple as the third U.S. public company to top that threshold and follows investor enthusiasm tied to the new handset lineup.

In a conference call after Apple reported fiscal fourth-quarter revenue of $102.47 billion, up 8 percent year over year, Chief Executive Tim Cook said supply for the iPhone 17 and iPhone 17 Pro remained constrained, signaling demand stronger than the company anticipated. Cook declined to break out sales by model, noting that Apple does not report unit sales by device. The quarter ended on September 27, capturing only the first few days of iPhone 17 availability, executives added.

Analysts and market observers linked the rally in Apple shares to the initial performance of the iPhone 17 family. Reports indicate the base iPhone 17 and the Pro model have accounted for much of the demand, while the lower-priced iPhone Air has seen weaker volume and has been moved to lower production levels. Early consumer reaction to the iPhone...