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Apple stock jumped as much as 1.7% following an industry report showing a surge in China iPhone sales.
Wedbush analyst Dan Ives said in a note to investors Friday, citing data from Counterpoint Technology Market Research, that China iPhone sales rose 20% since Sept. 20 — when Apple launched its iPhone 16 and its Chinese rival Huawei released a new smartphone model. Apple’s strong sales were led by its iPhone 15 models in particular, with sales of those phones jumping 44% year over year.
"This industry analysis is consistent with our recent Asia trip and supply chain checks that we believe China sales for iPhone 16 will show a strong rebound over the next year with the beginning of this AI driven super cycle led by iPhone 16," said Ives. "We believe 20% of the world’s population will ultimately access AI through an Apple device over the coming years."
Apple iPhone sales in China have fallen behind Chinese rival Huawei this year. And analysts have voiced concerns that its initial iPhone 16 sales were weak, though recent data has eased those fears.
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