Apple closes at record high after strong iPhone 17 sales report

Core Insights - Apple has reached a record high stock price, driven by positive analyst sentiment and strong sales performance of the iPhone 17 [1][2] - The iPhone 17 is outperforming its predecessor, the iPhone 16, by double-digit percentage points in China, marking the best iPhone cycle since COVID [2][3] - Demand for the iPhone is indicated by longer lead times for orders compared to the previous year, suggesting a strong market response [3] Sales Performance - The base model of the iPhone 17 is experiencing significant sales success in China, aided by government subsidies [2][5] - The iPhone Air, which recently launched, is also selling out in China, indicating robust demand for new products [3][5] Market Outlook - Analysts, including Evercore, suggest that guidance for Apple's December quarter earnings could exceed expectations due to strong hardware designs and features [3][6] - The resurgence of growth in China is a key factor contributing to Apple's positive outlook, with signs of recovery noted in the September quarter [5][6]