Apple shares hit an all-time intraday high today following reports that iPhone X demand is soaring. Just last week, Apple itself noted that iPhone X demand has been off the charts. Following that, a report from the Economic Daily News relays that pre-order demand for the iPhone X has been so strong that Apple recently asked its supply partners to double manufacturing capacity. What’s more, the report adds that Apple is working extremely closely with its partners and lending assistance wherever it can in order to streamline operations as much as possible.
In light of that, shares of Apple opened up strong at the start of trading today, at one point reaching $167.95 per share, setting a new intraday high in the process. Though shares have retreated slightly, the stock is still up more than 2.2% for the day. As it stands now, Apple’s market cap stands at $858 billion, and though there has been speculation regarding Apple becoming the world’s first trillion-dollar company, that may be unlikely given how aggressively Apple has been buying back shares in recent years.
Underscoring the immense interest in the forthcoming iPhone X, a new report from Daniel Ives over at GBH Insights adds that pre-order demand can be categorized as a “stellar success.”
“We now believe pre-order demand could be closer to 50 million units of iPhone X vs. our original estimate of 40 million,” Ive writes, “which is more than double the current supply of iPhone X out of Asia currently available for shipments over the coming months. With the official launch of iPhone X in Apple retail stores slated for this Friday, November 3, we anticipate very high demand globally with limited supply of iPhone X on hand.”
Echoing similar assessments from other analysts, Ive notes that iPhone X supply may not be able to meet staggering demand until April or May of 2018. Still, quite few analysts are of the mind that cumulative iPhone sales in 2018 will set a new annual record.