Apple Inc.’s (AAPL) European suppliers posted solid gains, following a healthy session for tech sector shares in Asia, amid speculation that sales of its flagship iPhone X will smash records despite concerns over order delays.
Swiss-based AMS AG (AMSSY) , which makes optical sensors for the iPhone, was marked 3.2% higher in early Zurich trading and changing hands at Sfr87.68 while Germany’s Dialog Semiconductor, a maker of power management systems that are used in Apple products, gained 2.5%.
Broader tech sector stocks in Europe were also on the move, with Infineon Technologies AG (IFNNY) gaining 0.56% against a regional market retreat and ASML NV (ASML) , Europe’s biggest supplier rising 0.6%,
Asia’s tech space also notched solid gains, with the region’s two biggest Apple-related suppliers — Taiwan Seminconductor Manufacturing Co. (TSM) and LG Display — rising throughout the session. Apple rival Samsung Electronics was also better-bid, rising 1.8% on both the anticipation of stronger iPhone orders and the blowout third quarter earnings recorded by tech giants Amazon (AMZN) , Microsoft (MSFT) and Google parent Alphabet Inc. (GOOGL) late last week on Wall Street.
However, the assumed surge in demand for the Apple iPhone X, which began taking pre-orders on Friday, looks to have been the strongest catalyst for Monday’s early gains.
A company spokesperson told Reuters last week the orders were “off the charts”, countering speculation that supply chain concerns and production issues tied to the device’s facial recognition technology could delay the iPhone X’s Nov. 3 release.
Within just hours of the commencement of pre-orders wait times to receive the phone have ballooned to five to six weeks, according to CNBC. Limited supply of the phone has also hit international markets with people in China reporting that the phone was sold out within 30 minutes.
Apple shares closed 3.58% higher Friday at $163.05 each, rising in concert with much of the broader technology space, and are expected to open a further 0.23% higher at $163.43 at the start of trading Monday, a move that would take its October gains to around 6.7% and value the world’s biggest tech company at $843 billion.