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Apple's stock races ahead as investors bet on new iPhones

They hope the phones will prompt a big wave of new purchases

In recent years, as US phone carriers have stopped subsidising the purchase of new phones, consumers have been holding on to their old smartphones longer than the typical two-year upgrade cycle.

San Francisco

A YEAR ago, many investors had given up on Apple, whose stock price had fallen more than 30 per cent from its 2015 peak. Apple's once-unstoppable growth had come to a crashing halt: The number of iPhones sold was down 13 per cent, and the company posted its first revenue

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