Apple’s (AAPL) stock climbed nearly 4% to a record high on Monday after a new report from Counterpoint Research showed that initial iPhone 17 sales are surpassing those of the iPhone 16 in both the U.S. and China.

According to the report, total iPhone sales in the first 10 days after launch rose 14% year over year across the two markets, with the standard iPhone 17 model seeing sales jump by almost one-third.

“The base iPhone 17 offers exceptional value, which has clearly resonated with consumers,” said Mengmeng Zhang, senior analyst at Counterpoint Research.