Apple Stock Slips as Investors Weigh Foldable Strategy and AI Ambitions

Apple's stock price slipped following the unveiling of its latest iPhone lineup, which includes the company's first foldable smartphone, the iPhone Duo.

The device, priced at $1,999 and set to go on sale on October 23, is seen as a key product for Apple's growth strategy in the competitive smartphone market.

Investors were reportedly assessing whether the new products could provide enough momentum to justify Apple's elevated valuation.

The iPhone Duo opens into a 7.6-inch display and supports Apple Pencil functionality, making it more than just a smaller version of an existing iPhone.

Apple's AI strategy remains a concern for investors, with some questioning whether the company is moving quickly enough in generative AI compared to rivals like Alphabet.