File photo (Picture credit: AP)

Apple has reached a historic milestone, becoming the third Big Tech company to cross $4 trillion in market value, driven by strong demand for its latest iPhone lineup.The company’s shares were last up 0.2 per cent at $269.2 in early trading on Tuesday, marking a record high, reported news agency Reuters.Apple’s stock has surged nearly 13 per cent since the launch of the iPhone 17 series and iPhone Air on September 9, reversing earlier losses and pushing the stock into positive territory for the first time this year. Analysts said the robust demand for the new devices, especially in key markets such as the US and China, helped offset concerns about the company’s slower progress in artificial intelligence.“The iPhone accounts for over half of Apple’s profit and revenue, and the more phones they can get into the hands of people, the more they can drive people into their ecosystem,” said Chris Zaccarelli, chief investment officer at Northlight Asset Management, ahead of the milestone, as quoted by Reuters.According to data from Counterpoint Research, sales of the iPhone 17 outperformed its predecessor by 14 per cent in the US and China. The ultra-slim iPhone Air is also expected to help Apple fend off competition from Samsung Electronics.Brokerage Evercore ISI expects the strong iPhone demand to help Apple beat market expectations for the September quarter and issue a positive forecast for the December quarter. The company is set to announce its fourth-quarter earnings on October 30, according to CNBC.Apple’s cautious approach to AI continues to raise investor concerns, especially amid reports that some of its senior AI executives have moved to Meta. The company’s Apple Intelligence suite, including ChatGPT integration, has been rolled out slowly, while an AI upgrade to Siri has been delayed until next year.Zaccarelli added, “The lack of a well-understood artificial intelligence strategy is clearly one of the things that is an overhang for the stock. If they could figure out how to incorporate artificial intelligence in a way that would excite consumers and the market, you’d see a whole different company.”Apple joins Nvidia and Microsoft in the $4 trillion club. Nvidia remains the world’s most valuable company with a market cap of over $4.5 trillion, while Microsoft recently reclaimed its spot after shares rose 2.2 per cent following a new deal with OpenAI to restructure it into a public benefit corporation.