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iPhone X Photo: Apple

Apple CEO Tim Cook told investors Tuesday that the iPhone X was the best selling iPhone for each week during the last quarter.

Why it matters: There have been reports that Apple had slashed production in the wake of weak demand. Cook's remarks, made on a conference call with analysts, appear designed to ease those concerns.

Furthermore, Cook said that this is the first time that a high-end iPhone model has been the best-selling model since Apple added the larger-screen Plus model with the iPhone 6.

"The iPhone X is a beloved product," he said.

He compared the situation to when your team wins the Super Bowl but you might have wished they scored a few more points.

Wearables: Cook also said that revenue from wearables, including AirPods, Apple Watch and Beats headphones was up 50 percent from last year and is now the size of a Fortune 300 company. (Alcoa was No. 300 on last year's Fortune 500 list, with revenue of $9.3 billion)

China: Cook said he is optimistic that China and the U.S. will work out their differences on trade. "My own view is that China and the U.S. have this unavoidable mutuality where China only wins if US wins and the US only wins if China wins. And the world only wins if US and China win. There are lots of things that bind the countries together."

Go deeper

Updated 1 hour ago - World

Pentagon: 8,500 troops on high alert for possible deployment to eastern Europe

Photo: Anna Moneymaker/Getty Images

Defense Secretary Lloyd Austin has placed 8,500 U.S. troops on "heightened preparedness to deploy" to eastern Europe in case NATO activates its rapid-response force over tensions with Russia, the Pentagon announced Monday.

Why it matters: No decisions have been made to deploy U.S. forces, but the heightened alert level will allow the military to rapidly shore up NATO's eastern flank in the event that Russia invades Ukraine. The Pentagon warned that Russia has shown "no signs of de-escalating," and continues to amass troops on Ukraine's borders.

Alabama's new congressional map rejected by federal judges

The Alabama State Capitol in Montgomery. Photo: Taylor Hill/Getty Images

Federal judges on Monday night blocked Alabama's newly drawn congressional map and ordered the Republican-led State Legislature to create a new one that includes two districts, rather than the planned one.

Why it matters: "Black voters have less opportunity than other Alabamians to elect candidates of their choice to Congress," the panel of three judges wrote in their ruling.

Australian Open organizers reverse "Where is Peng Shuai?" t-shirt ban

Chinese tennis player Peng Shuai during the 2020 Australian Open in Melbourne. Photo: Bai Xue/Xinhua via Getty Images

Australian Open organizers on Tuesday reversed a ban on t-shirts supporting Chinese tennis player Peng Shuai following widespread criticism.

Why it matters: Tennis Australia's announcement came less than 24 hours after the governing body defended the decision to ask fans last Friday to remove "Where is Peng Shuai?" t-shirts, citing ticket policy prohibiting political clothing, per the BBC.