Apple Shares Plummet 0.9% Ahead of Foldable iPhone Debut

Apple shares slid by approximately 0.9% to $313.16 on Wednesday ahead of its scheduled product event, where it is expected to unveil its first foldable iPhone.

The new device would mark Apple's entry into a premium category, but it comes years after competitors began refining similar products. According to The Associated Press, foldables still represent only a small slice of global smartphone sales, putting pressure on Apple to effectively sell the upgrade story.

Apple's latest financial statements show that iPhone revenue accounted for 49.6% of quarterly sales, totaling $54.25 billion, while inventory climbed to $11.09 billion, roughly 94% above its September 2022 level.

The current valuation puts Apple at a premium, trading 9.9% above its GF Value estimate of $284.95. A successful foldable iPhone launch could lift selling prices and reignite upgrades, but a lukewarm reception would leave Apple carrying costly components while investors already pay a premium.