Apple's stock is soaring, propelled by the unexpected sales success of its new iPhone 17 series, with shares now approaching an all-time high.

On Wednesday, Apple shares closed at $256.08 in New York, a significant 4.31% increase. This surge marks a major turnaround for the tech giant, which was the sole Magnificent 7 company to end last year in the red.

While the iPhone 17 received a lukewarm initial reception after its September 9 unveiling, its global launch on the 19th ignited a sales frenzy. According to Bank of America, the average lead time—the duration from order to delivery—for the iPhone 17 is 18 days, far surpassing the 10 days seen with the previous iPhone 16.

The longest delivery delays have been in China, a critical market where Apple's share had recently dipped to 10%. Analysts attribute this to a 15% government subsidy and regulatory holdups for the "iPhone Air" model. This strong performance is viewed as a crucial rebound opportunity for Apple in the world's largest smartphone market.

Wedbush Securities analyst Dan Ives noted a 10-15% increase in iPhone 17 demand compared to its predecessor, prompting him to raise his Apple price target from $270 to $310.

However, a closer look reveals a divergence in demand among models. Contrary to expectations, the standard iPhone 17 has been the top seller, while the "iPhone Air" has a shorter lead time, suggesting weaker demand. Jefferies analyst Edison Lee cautioned that if the robust performance of the basic model isn't enough to compensate for softness in the Air and Pro versions, it could negatively impact the overall product mix.