Apple stock just reached an all-time high—and it’s because of this landmark product

Apple stock just soared to an all-time high, and it might be thanks to the new iPhone 17.

On October 20, Apple shares (NASDAQ: AAPL) surged to more than $264 apiece, topping out their last peak at $258.10 in December 2024. As of this writing, the company is trading up 8% since the start of the year and more than 11% year-over-year.

The spike appears to be a reaction to a study published today by the technology market research firm Counterpoint. According to the report, the iPhone 17 series has outsold the iPhone 16 series by 14% in its first 10 days of availability in the U.S. and China.

While the numbers are not yet official (Apple is expected to share more details in its fourth-quarter earnings report on October 30), investors appear to be optimistic about the company’s current trajectory.

Why is Apple stock soaring?

The iPhone 17 series, which was unveiled on September 9 and debuted for purchase 10 days later, is one of the company’s most significant product launches of the past several years. It includes the base model iPhone 17, iPhone 17 Pro, iPhone 17 Pro Max, and the new iPhone Air, Apple’s skinniest iPhone ever.

Several key software and hardware updates have been made across the iPhone 17 suite. These include ProMotion, which offers smoother on-screen motion through a higher refresh rate; a 48-megapixel ultrawide camera; increased storage and charging speeds; an improved chip; and a sturdier glass called Ceramic Shield 2.

Counterpoint’s report found that, so far, the iPhone 17 base model is driving the launch’s success in the U.S. and China, with sell-out up nearly one-third compared to the iPhone 16 series launch in 2024. This model is performing particularly well in China.

“The base model iPhone 17 is very compelling to consumers, offering great value for money,” Mengmeng Zhang, a senior analyst at Counterpoint, said in a press release. “A better chip, improved display, higher base storage, selfie camera upgrade—all for the same price as last year’s iPhone 16.”

In the U.S., the iPhone 17 Pro Max is the model that’s seen the highest spike in demand, a trend that Counterpoint’s analysts attribute to deals offered by T-Mobile, AT&T, and Verizon. Reached by Fast Company, Counterpoint declined to share specific sales numbers from the iPhone 17 series thus far.

In a note to clients on October 20, Loop Capital senior analyst Ananda Baruah cautioned clients that today’s share spike is “baking in some degree of outperformance from AAPL’s iPhone 17 family of products.” Still, he added, “we believe there remains material upside to Street expectations through CY2027.”

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