Apple's Foldable iPhone Duo Launches at Record Price, Lifts Tech Stocks

Apple's first foldable iPhone, the Duo, was unveiled at £1,999 in the UK, pushing AAPL up 3% and supplier Skyworks surging 9%. The Duo launch rippled across the sector, lifting the Technology Select Sector SPDR Fund (NYSEARCA:XLK) 1.74% and the Invesco QQQ Trust (NASDAQ:QQQ) 1.22%, despite Apple stock not making the top 10 list of stocks to buy now according to a report from 24/7 Wall St.

Apple's largest radio frequency (RF) front-end supplier, Skyworks Solutions, rallied 9% to $91.69, while Alphabet ticked up 2% to $340.86 on broad mega-cap tech strength. The strategic angle for Apple is that the Duo is an average selling price story before it is a unit story, with the trade-offs accepted by the company meaning the upgrade case rests on the hinge as the primary differentiator.

Ernest Doku, a mobiles expert at comparison service Uswitch, called the Duo Apple's biggest gamble in years and flagged first-generation trade-offs, including Touch ID rather than Face ID and a smaller battery than the Pro Max at a higher cost for Apple's new flagship. The Duo effectively pushes Apple into an average selling price story ahead of a unit-shipment story.