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Apple hits $4tn market value as new iPhone models revitalize sales

about 8 hours ago
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Apple topped $4tn (£3tn) in market value for the first time on Tuesday, joining Microsoft and Nvidia as the third company in history to hit the milestone, thanks to strong demand for its latest iPhones.Apple’s share price has increased by more than 50% since a low point in April, thanks to the debut of its latest products.“The iPhone accounts for over half of Apple’s profit and revenue, and the more phones they can get into the hands of people, the more they can drive people into their ecosystem,” said Chris Zaccarelli, the chief investment officer for Northlight Asset Management, before the milestone was reached.Apple’s shares had struggled earlier this year on concerns over tough competition in China and how it would cope with high US tariffs on Asian economies such as China and India, its main manufacturing hubs.However, the latest smartphones, the iPhone 17 lineup, have won back customers from Beijing to Moscow, while the company has swallowed tariff costs instead of passing them on to consumers.

Analysts said the iPhone Air’s slim design could help fend off rivals such as Samsung Electronics, while early sales of the iPhone 17 outperformed its predecessor by 14% in the US and China, data from the research company Counterpoint showed.Apple is the third company to hit the $4tn mark after Nvidia and Microsoft.Nvidia was the first, in July, as the chip designer rode the wave of AI spending.It currently leads with a market value of more than $4.5tn.

Microsoft hit the $4tn mark a few weeks later in July.After a subsequent dip in its share price, it reclaimed its membership in the $4tn club on Tuesday after it announced a deal with OpenAI to allow the ChatGPT maker to restructure itself into a for-profit corporation.With OpenAI’s valuation pegged at $500bn, Microsoft’s 27% stake in it is valued at more than $100bn.Sign up to TechScapeA weekly dive in to how technology is shaping our livesafter newsletter promotionWhile Microsoft has aggressively pursued growth in AI, Apple’s cautious approach had fuelled concerns it could lose out on what could be the industry’s biggest growth catalyst in decades.Recent reports also indicate that the company is losing a number of its senior artificial intelligence executives to Meta.

However, Apple reported its strongest quarterly results in years during the April-June period, with double-digit growth across key segments, and its forecasts were better than analysts’ expectations.The company is expected to announce its fourth-quarter results on Thursday when analysts anticipate its highly profitable services division – which includes iCloud and Apple Pay – will surpass $100bn in revenue.The continued strength in the technology sector, along with hopes of another cut in US interest rates, helped lift Wall Street to new highs.The Dow and the Nasdaq Composite rose about 0.5% in early afternoon trading, while the S&P 500 added 0.

1%.Meanwhile in the UK, the FTSE 100 closed at a record 9,696.74, up 0.44%, helped by a rise in HSBC shares after its latest figures.While Wall Street has celebrated the arrival of yet another $4tn company, many investors have also taken it as a sign that the stock market is in a bubble.

Chris Beauchamp, the chief market analyst at the trading platform IG, said: “This continues to be one of the most disliked rallies in history.Each new high in indices and every milestone achieved by individual stocks is presented as evidence of a bubble in equities.“It is understandable to see signs of nervousness around tech earnings this week, but the market continues to demonstrate remarkable resilience.”
foodSee all
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Double, heavy, pure cream? Helen Goh’s guide to baking across borders – plus a finger bun recipe

When Sweet, the baking book I co-authored with Yotam Ottolenghi, came out in the United States in 2017, my excitement at seeing so many people bake from it was matched only by my horror at what I saw them pulling from their ovens on Instagram: pale cakes with thick, dark exteriors.Posts from Australian and British readers showed no alarming results and I quickly realised something had gone awry in the American translation. As it turned out, the recipes had been converted in-house by the publisher, using a straightforward formula to change celsius to fahrenheit. What no one had noticed was that the conversion also needed to take into account the oven setting: fan-forced versus conventional heat. Many American ovens, it seems, still don’t have a fan function

1 day ago
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Rukmini Iyer’s quick and easy recipe for beetroot, apple and feta fritters | Quick and easy

These are autumn in a fritter. Not only were they an unexpected hit with my 18-month-old, but, after trying one myself, I instantly crossed out the saffron arancini at the top of my list for an upcoming lunch party and replaced it with a delirious, “OMG make these fritters!” Not bad for a five-ingredient dish, and a lot less faff than arancini.Serve with a green salad and the dip alongside for a filling dinner on a cold evening.Prep 15 min Cook 20 min Serves 2-42 apples (I used Discovery) 2 medium beetroot, peeled and grated1 egg 200g feta, crumbled60g self-raising flour (gluten-free if you have it)Olive oil, for fryingFor the dip 3 heaped tbsp Greek yoghurt 3 heaped tbsp mayonnaise ½ lemon, juice and zestA pinch of sea saltGrate the apples skin and all into a clean tea towel, then twist and squeeze the towel over the sink to remove as much moisture as you can. Tip the grated apple into a large bowl, then add the grated beetroot, egg and crumbled feta, and mix well

1 day ago
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From harissa baked hake to chicken schnitzel: Ravinder Bhogal’s recipes for cooking with nuts

I always keep a stash of nuts in my kitchen cupboard. I scatter them, roughly chopped, over my morning yoghurt and fruit bowl, and when I feel an attack of the munchies coming on, I try (although I often fail) to reach for a handful of them in place of something sugary. These nutrient-dense superstars are high on the list of nutritionists’ favourite anti-inflammatory foods, and while all their health benefits are obviously terrific, I love them simply because they bring rich, buttery flavour, interest, and delightful texture to my cooking.Traditionally, schnitzels are coated in crisp breadcrumbs, but this delicious version using almonds and cornflour makes this nuttily delicious and suitable for anyone avoiding gluten.Prep 5 min Cook 45 min Serves 44 small boneless, skinless chicken breasts 50g parmesan, roughly chopped250g blanched almondsZest of 1 lemon50g cornflour Sea salt and black pepper2 eggs, lightly beaten1 tbsp dijon mustard Lemon wedges, to servePut a chicken breast between two sheets of baking paper, then use a rolling pin to beat the chicken until it’s about 1

2 days ago
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We tried Tyra Banks’ ‘revolutionary’ hot ice-cream, and colour us confused

I’m at Smize and Dream, the ice-cream shop founded by supermodel, Harvard alumna and entrepreneur Tyra Banks. There is a steady stream of customers for a weekday afternoon in Sydney’s Darling Harbour. I’m here for the Hot Mama, which Banks debuted in September, and claims is the world’s first hot ice-cream.According to its creator, the new dessert is neither a latte nor a hot chocolate and certainly not melted ice-cream. But if it’s none of these, then what is it?“Liquid, warm, soothing, yummy, silky,” Banks wrote on Smize and Dream’s Instagram

3 days ago
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How to make sweet-and-sour pork – recipe | Felicity Cloake's Masterclass

Sweet-and-sour sauce, which hails from the southern Chinese city of Guangzhou and is much loved in nearby Hong Kong, has been a victim of its own popularity – you can now buy sweet-and-sour-flavour Pot Noodles, crisps and even dips. But, when made with care, the crunchy meat, tangy sauce and sweet fruit will remind you why you fell for it in the first place.Prep 20 min Marinate 30 min+ Cook 10 min Serves 2For the marinade200g pork loin or lean shoulder 1 garlic clove 1 tbsp light soy sauce 1 tbsp rice wine, or dry sherry ½ tsp salt ¼ tsp Chinese five-spice powder (optional)To cook1 onion, peeled 1 green pepper, stalk, seeds and pith discarded 1 mild red chilli 1 egg 60g cornflour, plus extra to coatNeutral oil, for frying100g pineapple chunksFor the sauce2 tbsp apricot jam – the lower in sugar, the better1 tbsp cranberry sauce – ditto1 good squeeze lemon or lime juice25-40g soft light brown sugar 2½ tbsp Chinese red vinegar, or rice vinegar1 tbsp light soy sauce 1 tsp cornflour, or potato starchI’ve chosen to make this with pork (spare ribs also work well, if you don’t mind a bone; if possible, get your butcher to chop them up), but chicken thigh or breast, chunks of firm white fish or firm tofu would also work well. Anything that can be battered and fried without giving off too much water is a safe bet.Cut the pork into strips about 1cm wide, then peel and crush the garlic

3 days ago
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Fete, Chelmsford, Essex: ‘It absolutely dares to be different’ – restaurant review | Grace Dent on restaurants

Fête in Chelmsford has made a big splash on the Essex food scene, snapping up local plaudits for this quaint, neighbourhood restaurant in a cobbled courtyard. Quaint isn’t a word I use often, but nor do I eat at many places with a spacious upstairs bar area that doubles as a yoga studio. Go for the spice bag potatoes with tropea onions and roast chilli, stay for the 45-minute flow yoga with Amanda.Actually, scrap that: do not even dream of pulling shapes after eating too many spiced onions. Leave it a couple of hours

3 days ago
cultureSee all
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From White Teeth to Swing Time: Zadie Smith’s best books - ranked!

1 day ago
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Ardal O’Hanlon: ‘I fell asleep on stage once – I could hear someone doing my material, got annoyed and woke up’

3 days ago
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My cultural awakening: A Jim Carrey series made me embrace baldness – and shave my head on the spot

4 days ago
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From Springsteen: Deliver Me from Nowhere to IT: Welcome to Derry – your complete entertainment guide to the week ahead

4 days ago
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John Deere obituary

4 days ago
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Timely assurance from Lear’s Kent | Letters

4 days ago