Apple Stock Dips Amid iPhone Cycle Analysis and Foldable Duo Expectations

Apple's stock price dipped by about 1% on Tuesday as investors assessed the latest iPhone cycle, including the rollout of the redesigned Siri AI assistant and demand for Apple's new devices.

The company released iOS 17 on Monday, introducing its revamped Siri in beta just days before the release of its latest iPhones. The update brings Apple's delayed Siri overhaul back into focus, as the company works to expand its consumer artificial intelligence offerings. Users must opt-in through the Settings app to access the new Siri.

Analysts have pointed to Apple's large installed base and ageing iPhone fleet as potential support for a broader replacement cycle. Deepwater Asset Management's Gene Munster expects Apple's staggered iPhone launch schedule to shift some growth into the March and June quarters, with Wall Street expecting roughly 14% to 15% growth in the March quarter.

Yorkville Ives founding partner Dan Ives estimates that around 300 million iPhones have not been upgraded in more than four years, creating a sizeable replacement opportunity as Apple adds more AI capabilities. He also expects a planned foldable iPhone, referred to as Duo, to eventually account for 15% to 20% of sales among Pro and Pro Max customers.