Evening Briefing Europe

iPhone 16 Upgrades and Apple’s $4 Trillion Target

Get caught up.

The Apple iPhone 16 and 16 Plus during the first day of in-store sales at Apple's Fifth Avenue store in New York on Sept. 20.
Photographer: Victor J. Blue/Bloomberg

Provide news feedback or report an error

Confidential tip?

Send a tip to our reporters

Site feedback:

Take our Survey

By Tim Coulter

October 18, 2024 at 5:01 PM UTC

Upgraded yet? With the iPhone 16s now out, it seems many couldn’t wait for Apple’s flagship product. Sales in China, the world’s biggest smartphone market, are up 20% in their first three weeks compared with 2023’s model, a report today estimated. In response, Wedbush Securities said a “monster” fourth quarter may mean Apple adds some $500 billion in market cap to $4 trillion in just six months. Even in the UK, gripped by gloom ahead of a coming budget, retail sales rose unexpectedly in September on demand for consumer tech including the new gadget. Sure, smartphone innovation may be slowing, but the new model may be just the thing you need.