Apple Unveils Foldable iPhone at Record-High Price, Sending Tech Stocks Soaring

Apple's latest move has sent shockwaves through the tech industry, as it unveiled its first foldable iPhone, the Duo, at a record-high price point. The device starts at £1,999 in the UK, making it the most expensive iPhone model to date.

This significant price hike is expected to shift Apple's focus from unit sales to average selling prices, which could lead to increased revenue growth even if unit demand remains flat.

The Duo's high price is partly due to its premium-tier features and the artificial intelligence-driven memory chip scarcity. This dynamic ties Apple's launch to the broader hardware complex, leading to sympathy buying across large-cap tech stocks.

Skyworks Solutions, Apple's largest radio frequency (RF) front-end supplier, has seen a significant rally of 9% as investors anticipate increased RF content dollars due to the Duo's premium pricing. The company is also awaiting updates on its pending merger with Qorvo, which could further boost its stock price.

Alphabet's share price has also risen, up 2%, but this appears to be largely driven by sympathy strength across large-cap tech stocks rather than any specific company-related catalyst.