Apple Stocks Slip After First Foldable iPhone Reveal

Apple unveiled its first foldable iPhone on Wednesday alongside the iPhone 18 Pro lineup, new Apple Watch models, and updated AirPods, marking one of the biggest changes to its smartphone lineup in years.

The launch also marked new CEO John Ternus’ first major product event since taking over, with Apple entering the foldable smartphone market with the $1,999 iPhone Duo.

Despite the new hardware lineup, Apple shares did not immediately respond positively. The stock closed at $315.34 on September 9, down 0.28%, as the broader U.S. market also ended lower.

 

Apple’s foldable iPhone puts a new price on its next growth bet

AAPL traded between $309.90 and $319.15 during the session, with about 64.9 million shares changing hands, above the average volume of roughly 53.4 million. 

Higher oil prices and Treasury yields added to inflation and interest-rate concerns, keeping pressure on technology stocks as Apple unveiled its latest products.

The biggest announcement was the iPhone Duo, Apple’s first foldable iPhone. The device opens like a book to reveal a 7.6-inch inner display and has a 5.4-inch outer screen when closed. 

iPhone Duo
iPhone 18 Pro and iPhone 18 Pro Max
Apple Watch Series 12 and Apple Watch Ultra 4
AirPods 5

… and Joz pic.twitter.com/TWj3GjDSmk

— John Ternus (@johnternus) September 9, 2026

Apple said it is the company’s thinnest iPhone when open and built it with a titanium frame, precision hinge, and reinforced multilayer display.

The Duo runs on Apple’s A20 Pro chip, which also powers the iPhone 18 Pro models. Apple said the chip delivers up to 20% faster CPU performance and up to 40% higher GPU performance and efficiency, while its Neural Engine doubles computing power for on-device AI.

Apple said its folding design enables features such as Duo Preview, which lets users see the camera preview on the outer screen, while Smart Take uses on-device AI to automatically capture photos when subjects are ready.

The device starts at $1,999, with storage options reaching 2TB. Preorders begin October 16, with sales starting October 23. The price puts Apple’s foldable above competing devices from Samsung and Google.

Apple bets on AI and foldables as higher memory costs push up iPhone prices

Apple also increased the starting prices of the iPhone 18 Pro and Pro Max to $1,199 and $1,299. 

The company pointed to higher memory costs as one factor behind the increases, as demand from AI infrastructure companies continues to tighten supplies of advanced memory.

Also, other major suppliers such as SK Hynix, Samsung Electronics, and Micron are selling much of their premium AI memory capacity through 2026. 

The Pro models feature a variable aperture on the 48-megapixel main camera, giving users greater control over light and depth of field. Apple also introduced new photography and video controls.

AI remained a major focus, with Apple showcasing an upgraded Siri capable of using personal context, interacting across apps, and performing actions based on onscreen information. The feature will initially launch as a beta in English before expanding to additional languages in October.

Apple just revealed its most practical AI release yet.

Siri AI can search your emails, messages, photos, and notes, then take action inside your apps.

It can also understand your screen, use the camera, and answer from the web.

Here’s everything Apple announced: pic.twitter.com/FtHug8XLXo

— Brendan Jowett (@jowettbrendan) September 10, 2026

Apple also introduced the Watch Series 12 and Watch Ultra 4, starting at $399 and $799, respectively, alongside new AirPods 5 models starting at $129.

The watches feature a redesigned health-sensing system, more frequent heart-rate monitoring, sleep and readiness features, and new audio intelligence capabilities. 

The event marked another important moment for Apple as Ternus takes over as CEO after Tim Cook’s 15-year tenure. 

His first major product launch puts the company’s long-awaited foldable strategy in the spotlight, with investors now watching whether the premium device can create a new growth engine for Apple.

AAPL dips after iPhone launch, but could history signal what comes next?

The broader market also weakened, with the S&P 500, Nasdaq Composite, and Dow Jones Industrial Average falling 0.48%, 0.64%, and 0.77%, respectively.

The market reaction also came against a strong longer-term performance from Apple, as the stock has gained 16.31% so far this year, compared with an 11.55% increase for the S&P 500. 

Over the past 12 months, Apple has returned 36%, compared with 16% for the index. Its three-year gain stands at 79.37%, while its five-year return is 109.84%, compared with 71.32% and 69.95% for the S&P 500.

Apple now carries a market capitalization of about $4.6 trillion and a trailing price-to-earnings ratio of around 36.25. 

The shares remain below their 52-week high of $344.57, putting them roughly 8.5% below that level.

The muted reaction also fits a pattern seen around previous iPhone launches, as Bank of America analyst Wamsi Mohan found that Apple shares have historically experienced some initial hesitation around product reveal days before performing better over the following weeks. 

His research showed that Apple stock gained during the 60 days following 17 iPhone reveal events dating back to the original iPhone launch in 2007. 

The strongest 60-day gain was about 20%, following the iPhone 11 announcement in 2019.