Apple shares surged to an all-time high on Monday, with the iPhone maker close to becoming the third company to hit a $4 trillion market valuation as data showed strong momentum for the latest iPhone.

Data from research firm Counterpoint showed the iPhone 17 series outperformed its predecessor in early sales in China and the United States, with the newer models out-selling the iPhone 16 series by 14% during their first 10 days of availability in the two countries.

Apple shares jumped 4.2% to $262.9, giving it a market capitalisation of about $3.9 trillion and making it the second most valuable company in the world after AI-chip giant Nvidia.

Over the weekend, Evercore ISI added the stock to its Tactical Outperform List as the brokerage expects Apple to beat market expectations for the current three-month period and issue upbeat forecasts for the December quarter.

“The recent launch of online orders in China may be a positive tailwind for the Dec-qtr, as initial delivery time data reflects stronger initial demand relative to other regions at launch,” Evercore ISI analysts wrote in a note.

Apple unveiled in September an upgraded line of new iPhones, including a slimmer iPhone Air, and held prices steady amid U.S. tariff concerns.

“They rolled out the latest version of their iPhone and it’s doing much better than anticipated … the demand trends for the company’s iPhones are now on the front foot,” said Art Hogan, chief market strategist at B Riley Wealth. Apple shares had struggled earlier this year on concerns over tough competition in China and uncertainties around how the company would navigate high U.S. tariffs on Asian economies such as China and India, its major manufacturing hubs.

However, the stock has risen modestly since early August after the company pledged $100 billion in additional U.S. investment, a move that could help it sidestep potential tariffs. The stock is set for its biggest one-day jump in four weeks if gains hold and will be up more than 5% for the year. Apple will report quarterly earnings after the bell on October 30.