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Investing.com-- Apple Inc (NASDAQ:AAPL) supplier shares rose in Asian trade on Tuesday after data showed strong early sales for the company’s new iPhone 17 line, especially in China and the United States.
Apple shares also hit a record high overnight, pushing the company close to a coveted $4 trillion valuation.
In Asia, major Taiwan-listed suppliers TSMC (TW:2330) and Hon Hai Precision Industry (TW:2317) rose more than 1% apiece.
LG Innotek Co Ltd (KS:011070), which supplies camera components to Apple, rallied over 5%, while major supplier and smartphone rival Samsung Electronics Co Ltd (KS:005930) rose 1.5%. Gains in tech stocks also pushed South Korea’s KOSPI index to a record high.
Chinese Apple suppliers Luxshare Precision Industry Co Ltd (SZ:002475), Lens Technology Co Ltd (SZ:300433), and Goertek Inc (SZ:002241) rose between 3% and 5% in mainland trade. Hong Kong-listed AAC Technologies Holdings Inc (HK:2018) jumped 3.4%.
Japanese suppliers such as Murata Mfg Co (TYO:6981) and NOK Corp (TYO:7240) rose marginally.
Regional shares all tracked an overnight bounce in Apple, after data from research firm Counterpoint showed the iPhone 17 series largely outsold its predecessor in early U.S. and Chinese sales.
The 17 series outsold the 16 series by roughly 14% in its first 10 days of availability, Counterpoint data showed.
Stronger sales for Apple point to more orders for its suppliers, making their shares largely sensitive to any developments around Apple.
The 17 series’ positive launch is expected to provide strong sales cues for Apple’s December quarter earnings, with year-end holiday spending also likely to provide support.
Apple’s iPhone 17 series was well-received by consumers, with particular focus on the base iPhone 17 model. The company also kept prices for its models unchanged, despite increasing concerns over tariff-related disruptions.
These concerns had battered Apple’s shares earlier this year. But the stock has since rebounded amid optimism over the new iPhone line, while Apple’s pledging of $100 billion in additional U.S. investment also helped.