Apple’s (AAPL) market capitalization is closing in on the $4 trillion mark after the company’s stock price hit an all-time high on Monday following a Counterpoint Research report saying initial iPhone 17 sales have outpaced iPhone 16 sales in the US and China.

Apple’s stock price rose less than 1% in early trading Tuesday.

According to the report, iPhone sales jumped 14% year over year in the first 10 days the phones were available in the region. Standard iPhone 17 sales grew by nearly one-third.

“The base model iPhone 17 is very compelling to consumers, offering great value for money,” Counterpoint Research senior analyst Mengmeng Zhang said in a statement.

“A better chip, improved display, higher base storage, selfie camera upgrade — all for the same price as last year’s iPhone 16. Buying this device is a no brainer, especially when you throw channel discounts and coupons into the mix. Simply put, it provides extremely good value-for-money, and Chinese consumers are rewarding Apple for that,” Zhang added.

Apple stock is up 4.8% year to date and 11.7% over the past 12 months.

Apple’s latest iPhones pack a number of major improvements, ranging from camera upgrades to more powerful processors to longer battery life.

The $1,099 iPhone 17 Pro and $1,199 Pro Max also get enhanced camera zoom capabilities, while the all-new iPhone Air sports a thinner, lighter overall design.

The 17 Pro line, Counterpoint said, has seen strong demand thanks to higher carrier subsidies driving consumers toward the more premium smartphone.

The $999 Air, meanwhile, is slightly outselling the iPhone 16 Plus, which it replaced this year.

Despite the solid sales, Wall Street is still waiting on Apple to deliver on its promised AI-enhanced version of Siri.

The company initially promised to release Siri by June but had to delay the rollout due to performance setbacks.

Rivals Google (GOOG, GOOGL) and Samsung (005930.KS) already offer their own AI capabilities on their respective smartphones, adding to the pressure on Apple.

Email Daniel Howley at dhowley@yahoofinance.com. Follow him on X/Twitter at @DanielHowley.

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