Apple Stock Climbs as Foldable iPhone Duo Sells Out and China Clears AI Features

Apple shares rose toward record territory after pre-orders for its first foldable smartphone, the iPhone Duo, sold out within minutes on October 16. The device starts at $1,999 to $2,000 for 256GB and scales past $3,000 for 2TB, with initial delivery dates rapidly slipping into mid-to-late November, and some extending to 2027. Stock gains reached over 1.8% to an all-time high of $348.14. Sentiment was further bolstered after CEO Tim Cook confirmed regulatory clearance for Apple Intelligence in China through a partnership with Alibaba.