Apple beats tech tariffs to reach a $4 trillion market cap on the back of high iPhone 17 series sales

iPhone 17 series (pictured) sales helped to rally Apple's valuation (Image Source: Notebookcheck)

Apple recently became the third company in history to cross US$4 trillion in market capitalization, thanks to better-than-anticipated iPhone 17 series sales and forward-thinking supply chain decisions.

Arjun Krishna Lal, Published 10/28/2025

Apple's market capitalization has crossed US$4 trillion, the third time in history that a company's valuation has climbed so high. JPMorgan analyst Samik Chaterjee (via CNBC) notes that Apple shares had a "greater halo of potential than at any time in the past year."

Two factors appear to be at play here. Firstly, demand for the iPhone 17 series appears to be stronger than expected per Morgan Stanley (via Macrumors). Notebookcheck reviewed the iPhone 17 Pro very positively at launch, noting improved performance from the A19 Pro SoC and even better battery life than the iPhone 16 Pro.

Secondly, Apple has managed to largely avoid the impact of heavy US tech tariffs imposed by Donald Trump. Earlier in 2025, Apple CEO Tim Cook noted that the company was shifting a majority of iPhone and iPad production over to India and Vietnam respectively, likely in response to punitive tariffs on Chinese-produced electronics.

While the $1099 iPhone 17 Pro launched at a $100 premium over last year's iPhone, shifting production away from China likely helped avoid even higher pricing which could have put a dent on sales.