Apple briefly becomes world's most valuable company after iPhone Duo launch

A peak in market value

Apple reached a significant financial milestone on Friday, 23 October, by briefly becoming the world’s most valuable publicly traded company. As reported by Xmag UK, the technology giant surpassed Nvidia in market capitalisation during the trading session. This shift occurred as the company unveiled its most significant hardware update in recent years.

The surge in valuation was tied directly to the international launch of the iPhone Duo. This new device represents Apple's official entry into the foldable smartphone market. The market's reaction was swift, with Apple shares reaching an all-time high of more than $351 during the day.

While the lead was brief, the financial impact was notable. Apple's valuation exceeded £4.58 trillion at its peak before Nvidia regained the top spot before the market closed. This volatility highlights how sensitive the tech sector remains to major product announcements from established leaders.

The foldable hardware shift

The iPhone Duo is not just a new model but a fundamental change in the iPhone's design history. It is the company's first foldable smartphone, designed to offer a larger screen without sacrificing the portability of a standard phone. This move allows the company to compete in a segment previously dominated by different form factors.

The primary draw of the device is its internal display, which is 50% larger than that of the iPhone 18 Pro Max. This larger screen area is intended to help users run multiple applications at once and consume content more effectively. It aims to bridge the gap between a traditional handheld device and a tablet-like experience.

By integrating a folding mechanism, Apple is attempting to solve the trade-off between screen real estate and pocketability. The device is designed to allow for multitasking on a large display while still maintaining the footprint of a conventional smartphone. This represents a major engineering pivot for the brand's flagship lineup.

Demand and availability

The launch of the iPhone Duo generated immediate and overwhelming interest from consumers. The initial allocation of pre-order units sold out within minutes of being made available. This rapid sell-out forced the company to adjust its logistics and delivery expectations for early customers.

Because of the high demand, estimated delivery dates for many pre-orders began to slip quickly. Some customers saw their delivery dates move into November, while others were pushed as far back as January 2027. The company also confirmed that availability at its physical retail stores would be limited on the launch day.

Pricing for the new device remains in the premium tier, with a starting price of $1,999 in the United States. In Spain, the device is priced at €2,339. Despite these high costs, the demand exceeded the company's initial availability forecasts, suggesting a strong appetite for the new form factor.

Market outlook and hurdles

While the launch was a massive technological and financial event for 2026, the long-term impact remains to be seen. Strong initial demand is a positive indicator, but it does not automatically guarantee that the product will be a sustained commercial success. The company faces the challenge of maintaining momentum in a new market segment.

One of the primary hurdles for the iPhone Duo is the significant price barrier for many consumers. Because the device is positioned at the top of the price scale, it may appeal to a more niche audience than the standard iPhone models. The company must prove that the foldable utility justifies the premium cost over time.

Analysts are watching to see how the device influences Apple's overall financial performance in the coming quarters. The success of the iPhone Duo will likely determine how aggressively the company pursues other foldable designs. For now, the launch has successfully put Apple at the center of the global tech conversation.