After Apple introduced the iPhone 5 last week, calling the device its fastest, thinnest and lightest smartphone ever, the company shattered records after completely selling out in just one hour on Friday, setting a new pre-order record for both AT&T and Apple.

In early trading on Monday, the tech giant’s shares hit a record high and rose $8 to $699.55, before dropping back slightly. Since the announcement, economists have speculated on how iPhone 5 sales could offer a boost to the U.S. economy.

The iPhone 5 pre-orders have shattered the previous record held by iPhone 4S, and the shipments are set to begin on Sept. 21, but many won’t be available until October. The smartphone will be sold in 100 countries by the end of the year.