By Yang Jianyong

Over the past month, Apple has continued its ascent in the capital markets, setting yet another record high with a current market valuation of $3.75 trillion, equivalent to roughly 27 trillion Chinese yuan. This figure matches the combined market value of 13 Moutai companies. When compared to the GDP of various nations, Apple's market value is on par with the world's fifth-largest economy.

Remarkably, Apple is the first publicly traded company in history to surpass a market value of $3 trillion. Currently, NVIDIA and Microsoft are also valued above the $3 trillion mark, with market caps of $3.31 trillion and $3.3 trillion, respectively. The combined market value of these three tech giants amounts to $10.36 trillion (approximately 75 trillion Chinese yuan).

These three titans are favored by capital in the market, prompting Wall Street analysts to seek out companies that might break the $4 trillion market value threshold. Given the strong demand for NVIDIA chips fueled by Generative AI, some analysts believe it will be the first company to exceed a $4 trillion market value.

Undoubtedly, in the era of Generative AI, NVIDIA stands as the undisputed frontrunner, experiencing exponential revenue growth and soaring performance in the capital markets, making it the planet's strongest individual stock. However, based on current market value, Apple is closest to the $4 trillion mark, with only a $250 billion gap remaining.

Unlike NVIDIA and Microsoft, which primarily benefit from the Generative AI era, Apple still relies on global consumer demand for its iPhone. Data from various institutions and Apple's financial reports indicate that the iPhone remains the best-selling high-end smartphone worldwide.

Although under Tim Cook's leadership, Apple has lost some of the innovative spark seen during Steve Jobs' era, its revenue and profits have remained stable, and its market value has soared. It is not only the most profitable tech company globally but has also maintained its top position in market value rankings for many years.

For the fiscal year ending September 28, 2024, Apple reported revenue of $391 billion, a 2% year-on-year increase. Notably, iPhone revenue stood at $201.2 billion, also up 2%, demonstrating its robust global competitiveness.

It's worth noting that while Apple may not always win online debates, its iPhone sales have never faltered. Data from institutions and Apple's financial reports both show growth in iPhone sales. This is partly due to the continuous recovery of the global smartphone market. According to Canalys, global smartphone shipments increased by 5% year-on-year in the third quarter of 2024, marking the fourth consecutive quarter of growth.

Driven by consumer spending, iPhone sales in the third quarter of this year were the highest for the same period in history, narrowly missing the global top spot. Canalys data shows that both Samsung and Apple have a global market share of 18%, with Samsung holding a slight edge over Apple. However, unlike Samsung, which saw a decline, Apple performed robustly, increasing its market share from 17% in the third quarter of 2023 to 18%.

It's crucial to note that the iPhone 16 series only began sales on September 20, so its contribution to third-quarter shipments was minimal, and initial sales were average. In the fourth quarter, fueled by the iPhone 16 series, Apple's shipments are expected to reclaim the top spot.

According to Canalys analysts, as Apple Intelligence expands into new markets and supports more languages, the iPhone 16 is anticipated to help Apple maintain strong growth in 2024 and extend this momentum into the first half of 2025.

Apple Intelligence, Apple's first large Generative AI model, will initially support American English. However, it will soon expand to support more languages. By December, it will extend to localized English in Australia, Canada, New Zealand, South Africa, and the UK, with plans to add support for languages such as Chinese, French, Japanese, and Spanish next year.

'Apple Intelligence leverages years of innovation in artificial intelligence and machine learning to bring Apple's generative model to the core of our devices, providing users with an easy-to-use personal intelligence system while protecting their privacy,' said Apple CEO Tim Cook. He added that Apple Intelligence is a unique Generative AI with a distinctly Apple flair, making users' lives more exciting, and he is incredibly excited about it.

Benefiting from strong global demand for the iPhone and optimistic forecasts for the AI-enabled iPhone 16 series smartphones, Apple has set another record high in the capital markets, nearing a $4 trillion market value.

It cannot be denied that Tim Cook is a shrewd businessman with unparalleled profitability. In the fiscal year 2024, Apple's net profit reached $93.736 billion (approximately 679 billion Chinese yuan).

Overall, the iPhone boasts exceptional global money-making capabilities, making Apple one of the most profitable tech companies in the world, truly earning vast sums of money daily. Such profitability is out of reach for other mobile phone manufacturers.

Finally, with the iPhone, Apple has captured a significant share of the global high-end smartphone market, earning the largest profits in the mobile phone industry while also shining in the capital markets. It is not only the first company to surpass a $3 trillion market value but also the company with the highest market value globally. Some institutions predict that Apple's market value could exceed $4 trillion next year, primarily benefiting from the 'super cycle' expected to be driven by AI-powered iPhone 16 series products, further reflecting Apple's market influence.