Apple Inc. (AAPL) reached a record high as initial sales of the iPhone 17 lineup surged, inching closer to a $4 trillion market cap. Sales in the U.S. and China soared 14 percent YoY, with the base model seeing a 30% increase, thanks to enhanced features at the same price point.

Counterpoint Research’s Mengmeng Zhang credited the iPhone 17’s success to its enhanced camera, chip, display, and storage, all at a competitive price. With discounts in China, Zhang noted the iPhone 17’s appeal, boasting improved cameras, processors, and battery life across the lineup.

Demand for the high-end Pro models is being driven by carriers, while the new iPhone Air is slightly outselling the 16 Plus. Despite anticipation for a delayed AI-powered Siri update, Apple’s stock has risen 4.8% this year and 11.7% in the last year.

Read more at Nasdaq: Apple Nears $4 Tln Valuation As IPhone 17 Sales Outpace IPhone 16