iPhone 16 Scores Big in China: Apple's Comeback?

Apple’s newest iPhone 16 is making waves in China. Sales are up by a whopping 20% compared to last year’s iPhone 15. This is great news for Apple, which has faced tough competition from Chinese phone makers like Huawei. The iPhone 16 Pro and Pro Max are the stars of the show, with their sales jumping by 44% compared to the 2023 models. This boost has sent Apple’s shares up by 1. 9% in early trading. Why the big turnaround? Just a month ago, Apple’s share price took a dive after reports of lower preorders for the new iPhones. But the latest numbers from the supply chain have changed the tune. Analysts are now saying that demand for the new iPhones is looking good.China is a massive market for smartphones, and Apple’s recent struggles there had raised some eyebrows. Earlier this year, Apple’s smartphone sales in China dropped by almost 20%. That’s a big deal because China accounts for a significant chunk of Apple’s revenue. Huawei, one of Apple’s biggest rivals, also launched a new phone on the same day as the iPhone 16. This phone has a fancy tri-folding screen, which definitely caught some attention. But it looks like the iPhone 16 is still winning the race in China. Apple is hoping that its upcoming AI features, known as Apple Intelligence, will keep the momentum going. With the iPhone 16 launch and the AI features on the horizon, Apple’s market cap hit a record high earlier this week.