Apple Stock Surges as iPhone 17 Demand Exceeds Expectations

Apple's stock has reversed its earlier losses and moved into positive territory following strong early demand for the iPhone 17. Wedbush analyst Daniel Ives reports that unit sales are tracking 10%-15% ahead of the iPhone 16, with supply checks in Asia indicating a potential 20% increase in production for base and Pro models.

The iPhone Air is emerging as a standout in this upgrade cycle, according to Ives' retail checks. Shipping times suggest particularly robust demand for Pro models. "We anticipated a good but not exceptional cycle," Ives noted. "Instead, we're seeing a perfect storm of pent-up demand and compelling design changes."

Approximately 315 million of Apple's 1.5 billion global iPhone users haven't upgraded in four years, creating significant latent demand. This demographic, combined with the new models' enhancements, has created what Ives describes as a "magical formula" for Apple's performance.