(MENAFN- IANS) New Delhi, Oct 21 (IANS) Riding on the stellar performance of the new iPhone 17 series, Apple is heading towards the $4 trillion market valuation, thus becoming the second-most valuable company after chip major Nvidia.

Apple shares surged to an all-time high at $262.9 on Monday (US time). This took the company to a market valuation of nearly $3.9 trillion.

Data from Counterpoint Research showed that the iPhone 17 series outperformed its predecessor in early sales globally, especially in key markets like China and the US.

Apple will report its quarterly earnings on October 30.

Meanwhile, in a boost to the 'Make in India' initiative, the iPhone 17 models are gaining stronger traction than last year's iPhone 16 series in India, according to vendors and industry analysts.

Tech giant achieved its highest festive-sales count in India, with analysts forecasting a 28 per cent year-on-year sales increase in 2025 owing to the success of the iPhone 17 series.

Apple saw its annual sales hit a record of nearly $9 billion last fiscal, as disposable incomes rise amid strong consumer demand. Analysts said that the first week of sales for the iPhone 17 series was 19 per cent higher than the iPhone 16 series.

Apple was on track to cross 4.5 million shipments this festive quarter with the new iPhone Air poised to generate fresh traction.

In a market dominated majorly by value for money phones, there is a good healthy growth for premium smartphones driven by rising disposable incomes among a growing middle class, according to analysts.

While iPhone 17 (256 GB) starts at Rs 82,900, iPhone Air (256 GB) begins from Rs 119,900; iPhone 17 Pro (256 GB) starts from Rs 134,900 and iPhone 17 Pro Max (256 GB) from Rs 149,900.

India is also becoming central to Apple's manufacturing plans, with one in every five iPhones now being produced in the country.

-IANS

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