Apple shares surged to a record high overnight, lifted by stronger-than-expected demand for the new iPhone 17 lineup in the US and China.

The rally saw Apple close up 3.9% at US$262.24 (A$402.51), overtaking Microsoft to become the second-largest US company by market capitalisation, behind only Nvidia.

The jump followed data from research firm Counterpoint showing that early sales of the iPhone 17 series outpaced last year’s iPhone 16 models by 14% in their first 10 days on sale across Apple’s two biggest markets.

The base model iPhone 17 has proven especially popular in China, while the premium iPhone 17 Pro Max has driven momentum in the US, helped by carrier subsidies from AT&T, Verizon and T-Mobile.

Analysts say the figures suggest a long-awaited iPhone upgrade cycle is finally tak

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