Apple stock may “break” records of real iPhone data from China.

Kathleen William October 19, 2024

Apple shares were on track to close at a record high on Friday following new positive data on iPhone demand in China. Sales of the new AI-enabled iPhone 16 in China rose 20% in the first three weeks since it went on sale there, according to Counterpoint Research data released Friday. Compared to the same period after launch in 2023. The new Pro and Pro Max were particularly strong there. Apple's iPhone 16 models and Chinese rival Huawei's latest high-end smartphones both hit stores in China on the same day, September 20th. The two are bitter rivals in China – so much so that their flagship stores in Shanghai are directly opposite each other. Big picture The Counterpoint data is the second positive iPhone report this week after a series of mixed comments from Wall Street analysts raising concerns about early sales of the new device. Club stock Apple hit an all-time intraday high on Tuesday after a report from IDC suggested iPhone shipments came in above Wall Street estimates for the current quarter. If shares close at about $234.82 on Friday, that would surpass Apple's record close in July – before the market collapse on August 5. Apple shares rose more than 3% this week. Bottom line: “These numbers are real numbers and they are amazing,” Jim said Friday, referring to the Counterpoint data. As a result, he predicted that Apple stock will “break through a lot of levels here.” Jim still expects a robust upgrade cycle for the iPhone 16, but acknowledged that it may be extended. The software features of Apple Intelligence, the company's AI variant, were not released with the new operating system, which typically arrives closer to the iPhone's launch. They are expected later this month. (Jim Cramer's Charitable Trust has a long AAPL position. See a full list of stocks here.) As a subscriber to CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable foundation's portfolio. If Jim discussed a stock on CNBC television, he waits 72 hours after the trade alert is issued before executing the trade. THE INVESTING CLUB INFORMATION SET FORTH ABOVE IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY, ALONG WITH OUR DISCLAIMER. THERE ARE NO fiduciary duty or duty IN RECEIVING YOUR INFORMATION PROVIDED IN CONNECTION WITH THE INVESTMENT CLUB. NO SPECIFIC RESULTS OR PROFITS ARE GUARANTEED.

The Huawei flagship store and the Apple flagship store are seen on Nanjing Road Pedestrian Street in Shanghai, China, 2 September 2024.

Cphoto | Future publishing | Getty Images

Apple The stock was on track to close at a record high on Friday following positive new data on iPhone demand in China.

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Apple stock may “break” records of real iPhone data from China.

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Kathleen William

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Apple stock may “break” records of real iPhone data from China.

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Kathleen William

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