iPhone 5 Becomes Hottest Selling iPhone Yet

Preorders for Apple's latest iPhone 5 topped two million in just 24 hours, blazing past the record of one million previously set by the iPhone 4S. Given the popularity of the iPhone 5, Apple is already stating that demand has exceeded the initial supply. Apple still intends to deliver the majority of preorders by September 21 (this Friday), but some of the preorders won't arrive until October.

AT&T also announced a new sales record for the iPhone 5 over the weekend, making the iPhone 5 the fastest-selling iPhone for AT&T. According to the wireless carrier, "Customers ordered more iPhones from AT&T than any previous model both on its first day of preorders and over the weekend."

The iPhone 5 will be available at 356 Apple stores throughout the US starting Friday, September 21. Prices range from $199 for the 16GB model to $399 for the 64GB model. A 32GB model will be available for $299. Apple also plans to offer the iPhone 5 through wireless carriers as well as through select Best Buy, RadioShack, Target and Walmart stores and select Apple Authorized Resellers. On September 28, the iPhone 5 will roll out to 22 additional countries.