This article first appeared on GuruFocus.
Apple (AAPL, Financials) released the iPhone 17 worldwide on Friday, with lines extending from Beijing to London. The launch is crucial. Apple needs to maintain demand high in China, where Huawei and Xiaomi have gained market share, and show progress on artificial intelligence following last year’s disappointing launch. This year’s range includes the iPhone 17 Pro, Pro Max, smaller iPhone Air, and new Apple Watch and AirPods. The first customers were Chinese, some waiting overnight. JD.com said that iPhone 17 series preorders surpassed the iPhone 16 inside the first minute, while trade-ins increased dramatically. Upgrades were cited for better storage, battery life, and design. Young professionals lined for hours at Marina Bay mall in Singapore, while launch-day lineups in London were greater than for the iPhone 16, with purchasers favoring the Pro models. Analysts claim the base iPhone 17 exceeds expectations. Apple gave customers additional value without raising prices by adding RAM at the same price. New AirPods with live translation also made waves. After concerns that Apple may be losing position in AI and its biggest outside markets, the large turnout reassures investors. Attention will soon turn to whether sales momentum lasts beyond the first wave of devoted consumers.