TLDR
- Apple stock hit a record $345.34 on Tuesday.
- AAPL was down about 0.4% Wednesday near $338.50.
- Strong early iPhone 18 demand has supported the recent rally.
- Apple’s foldable $1,999 iPhone Duo launches in late October.
- Valuation and expectations are rising after a roughly 25% year-to-date gain.
Apple (AAPL) stock was down about 0.4% Wednesday near $338.50 after reaching a record high of $345.34 on Tuesday. AAPL closed Tuesday at $339.75 after briefly breaking above $345 for the first time.
The pullback follows a strong September rally tied largely to Apple’s latest product cycle. The stock is now up roughly 25% in 2026 and has climbed sharply since the company’s September product event.
There does not appear to be a major negative company catalyst behind Wednesday’s decline. Instead, the move looks more like a pause after the stock reached a fresh record.
iPhone 18 Demand Supports the Rally
Early demand for the iPhone 18 lineup has been stronger than some analysts expected. Evercore ISI said its survey of nearly 4,000 U.S. consumers pointed to a better-than-expected upgrade cycle.
The survey found that 53% of respondents planning an upgrade favored the iPhone 18 Pro or Pro Max. About 32% specifically preferred the Pro Max, up from 29% last year.
Evercore also sees higher pricing as a potential revenue driver. The firm estimates average selling prices could rise about 28% as buyers choose premium models and higher storage options.
Apple’s new foldable iPhone Duo adds another catalyst. The device starts at $1,999 and opens from a 5.4-inch front screen into a 7.6-inch display.
The Duo is expected to reach customers in late October. Evercore’s survey found 14% of respondents were interested in buying one, though the firm expects demand could improve once consumers can try it in stores.
Standard iPhone 18 demand also appears healthy. Evercore analyst Amit Daryanani said first-week demand was holding up well despite some supply constraints.
Record Price Raises the Valuation Question
Apple’s rally has pushed its market value close to $5 trillion. The stock was recently trading at almost 39 times earnings, well above where it traded during much of the past several years.
That valuation leaves less room for disappointment if iPhone demand slows or the Duo fails to generate the upgrade cycle investors expect. Supply-chain risks, China exposure and slower services growth also remain important concerns.
Wall Street expectations are mixed despite the recent momentum. Evercore recently lifted its target to $380, while some other analysts maintain targets below the current stock price.
Apple’s latest reported quarter still provides support for the rally. Revenue rose 16.4% year over year to $109.42 billion, while earnings of $2.02 per stock topped the $1.89 consensus estimate.
For now, the latest price action shows Apple pulling back modestly after Tuesday’s record. The main catalyst behind the recent run remains stronger early iPhone 18 demand, with the iPhone Duo launch providing the next major hardware test.
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