Apple Stock Falls as Investors Assess Demand for New iPhones

Apple's stock fell by about 1% on Tuesday as investors continued to assess the demand for its new iPhone devices, including the recently released iOS 17 and the upcoming foldable iPhone, Duo.

The company's latest hardware cycle has been a focus of analysts' attention, with Deepwater Asset Management's Gene Munster expecting Apple's staggered iPhone launch schedule to shift some growth into the March and June quarters. He forecasts roughly 14% to 15% growth in the March quarter, but believes growth could approach 20% as delayed product launches contribute to sales.

Yorkville Ives founding partner Dan Ives also pointed out 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 expects the Duo foldable iPhone to eventually account for 15% to 20% of sales among Pro and Pro Max customers.

JPMorgan's analysts, led by Samik Chatterjee, noted that early delivery lead times for the iPhone 18 Pro and Pro Max were tracking below last year's iPhone 17 launch. They cautioned against drawing firm conclusions from the early data, noting that supply allocations can differ from previous years.