Apple shares hit record high after iPhone 17 sales surge

Apple shares hit a record high for 2025 on October 20, after Loop Capital upgraded its rating to buy, citing increased demand for the latest iPhone models.

The stock rose as much as 3.1% to US$260.2, surpassing its previous all-time high from December.

Data from Counterpoint Research showed the iPhone 17 series sold 14% more units than the iPhone 16 in their first 10 days on sale in the US and China.

Other analysts, including Evercore ISI and Melius Research, have also expressed optimism about Apple’s sales trends.

However, some question whether the demand justifies its valuation, now over 32 times estimated earnings.

Jefferies analyst Edison Lee warned that iPhone 17 sales growth may be slowing and that enthusiasm for a foldable iPhone could be excessive.

🔗 Source: Bloomberg

🧠 Food for thought

Implications, context, and why it matters.

Early sales pop doesn’t confirm durable demand through holiday quarter

Fourteen percent sales rise for iPhone 17 over iPhone 16 in the first 10 days looks good, though it covers only early demand in the US and China 1.
Apple trades at 32 times estimated earnings versus a 10-year average of 22, which assumes steady growth that is not yet proven.
Last year, iPhone 16 hype around AI fizzled, which hurt sentiment when upgrades slowed.
Only 58% of analysts call it a buy, the lowest among Magnificent Seven peers except Tesla, so many on Wall Street doubt momentum through the holiday and Chinese New Year windows.

Trade-in surge creates opening for recommerce and repair operators

An upgrade wave often floods trade-ins, while pre-owned markets keep growing, with Africa up 6% and Southeast Asia up 5% 2.
iPhone 13 and newer sell well in these used channels 2. Early iPhone 17 swaps already fill the secondary pipeline, which pressures trade-in prices 3.
Recommerce platforms (companies that buy, refurbish then resell used devices) plus repair shops and logistics firms can win if they model the likely mix and prices for late 2025 and early 2026 trade-ins.
Fintech lenders that offer installments or trade-in financing may gain as the $1,099 iPhone 17 Pro pushes buyers to seek flexible payments 1.