New York, Oct 29 (V7N) – Apple Inc. became the third major U.S. technology company to reach a market capitalization of $4 trillion on Tuesday, driven by robust global demand for its latest iPhone models that helped ease investor concerns about the company’s slower progress in artificial intelligence.

Apple’s shares rose 0.2% to an all-time high of $269.20 in early trading, marking a 13% gain since the launch of its iPhone 17 lineup and the ultra-thin iPhone Air on September 9. The rally pushed the world’s most valuable smartphone maker into positive territory for the first time this year.

“The iPhone accounts for more than half of Apple’s profit and revenue. The more devices they sell, the deeper consumers become tied into Apple’s ecosystem,” said Chris Zaccarelli, Chief Investment Officer at Northlight Asset Management.

Apple’s shares had struggled earlier in the year amid stiff competition in China and uncertainties over high U.S. tariffs on Asian economies such as China and India — both key manufacturing hubs. However, strong global sales of the new iPhones, including impressive demand from Beijing to Moscow, quickly revived investor confidence.

According to research firm Counterpoint, early iPhone 17 sales outperformed the previous model by 14% in the U.S. and China. Analysts also credited the iPhone Air’s ultra-slim design for helping Apple counter rivals like Samsung Electronics.

Brokerage firm Evercore ISI forecasted that continued demand for the new models would enable Apple to beat market expectations for the September quarter and deliver optimistic projections for the December period.

Apple now joins Nvidia and Microsoft in the elite $4 trillion club, with Nvidia currently leading at over $4.5 trillion in market value. Microsoft’s market rebound followed a major deal with OpenAI, allowing the ChatGPT maker to restructure itself as a public benefit corporation.

Despite its achievement, Apple continues to face scrutiny over its cautious approach to artificial intelligence. Industry reports indicate that several of its senior AI executives have recently moved to Meta Platforms. While Apple has begun integrating ChatGPT into its Apple Intelligence suite, a full AI upgrade for its virtual assistant Siri has been delayed until next year.

Apple is also reportedly exploring AI partnerships with Google’s Gemini, Anthropic, and OpenAI as it seeks to expand its capabilities in the fast-evolving AI sector.

“The lack of a clear AI strategy remains one of the main concerns for investors,” Zaccarelli added. “If Apple can deliver a compelling AI integration that excites both consumers and markets, it could transform the company’s trajectory.”

The Cupertino-based firm reported its strongest quarterly results in years during the April–June period, with double-digit growth across key business segments. Apple is set to announce its fourth-quarter earnings on October 30.

Apple’s stock currently trades at 33.2 times its projected earnings for the next 12 months, compared to the Nasdaq 100’s average multiple of 27.4, according to data from LSEG.

While Apple shares have risen more than 7% so far this year, the performance still trails behind the tech-heavy Nasdaq’s roughly 22% gain — though the $4 trillion milestone cements Apple’s continued dominance in the global technology market.

END/WD/SMA/