Apple Shares Surge 3.4% on 20% China iPhone Shipment Boom

Apple shares jumped as much as 3.4% intraday Friday, up 3.1% by 12:40 p.m. ET, after Counterpoint Research reported 20% year-over-year iPhone shipment growth in China for Q1 despite a 4% drop in overall smartphone shipments. This data highlighted Apple's market share gains, supply-chain resilience, and rebounding demand amid 2.5 billion active devices. Broader optimism from a regional cease-fire and Strait of Hormuz reopening fueled risk appetite, supporting the rally at a 33x earnings valuation and $3.9 trillion market cap.