Apple's stock is trading up 8.31 per cent this morning, up $7.10 to trade at $92.57 per share.
The stock took instant momentum on the company's launch of the iPhone during Apple CEO Steve Jobs' keynote speech last night.
Traders are excited at the potential of the sophisticated, powerful new device, though some concerns remain, chiefly battery life, durability, and with which operators Apple plans to work when it introduces the device outside the US.
Despite Apple's good news, others on Wall Street saw their stock take a dive: Research In Motion (makers of the Blackberry), Palm, Nokia and other handset manufacturers all felt their stock take a hit.
Investors are concerned if these firms can compete with Apple's new device.
Palm shares hit a nose dive immediately following the keynote, falling from $14.75 at midday yesterday to $13.92 at time of writing.
Research In Motion (RIM) shares took a harder hit: shares stood at $131 at market close, down 7.8 per cent.
Nokia, Samsung, LG Electronics and other handset makers also saw shares impacted by news that Apple plans a foray into their markets. Investors are concerned if these firms have the technoogical ability to respond in kind to the latest Apple product.
"It's certainly going to put pressure on people like Nokia and RIM to innovate and try to create a similar product,” said Brian Sharwood, a Toronto-based analyst at the SeaBoard Group.
However, handset component makers, flash memory manufacturers and Apple's own product partners all felt an uptick as a result of Apple's iPhone call.
Chief Far East beneficiaries will most likely include: Hon Hai, Catcher, Largan, TXC, Foxconn Tech, Unimicron, and Nanya, according to Goldman Sachs.
In the UK, Scottish firm Wolfson Microelectronics, which makes some components for Apple, saw its shares climb 3.4 per cent on trades this morning.
Intel also climbed, following Apple's confirmation that the iPhone uses an Intel processor.
Apple and its partners are seeing share gains this morning against a general business background of losses on trade.