Apple Stock Falls. Why iPhone Prices Are a Big Problem.

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Apple stock has climbed 8% since it unveiled a new slate of iPhone models last month. (Courtesy Apple)

Key Points

Apple stock fell 2% ahead of the open following a report that the company told suppliers to cut production of iPhone 18 Pro and Pro Max components.
Nikkei Asia reported that Apple ordered the component cuts due to soft consumer demand.
Suppliers are blaming Apple’s price hikes amid surging memory chip costs for the soft demand.

It’s looking like a good day for artificial-intelligence stocks, which often means Apple—something of an anti-AI play—gets left behind. But there’s a more concerning reason for the tech giant’s 2% fall ahead of the open.

A lot is riding on Apple’s biggest iPhone launch in years after the company unveiled the iPhone 18 Pro, a Pro Max version and a new foldable phone. The stock has climbed around 8% in the month since the products were unveiled.

However, Apple has told suppliers to cut production of components for iPhone 18 Pro and Pro Max models due to soft consumer demand, Nikkei Asia reported Friday. Suppliers are blaming the company’s price hikes amid surging memory chip costs.

The new product lineup was notable for its lack of a more affordable iPhone, which is expected to arrive next year.

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Apple did not immediately respond to a request for comment Friday.

The shares fell 1.9% ahead of the open and are up 25% in 2026.

Write to Callum Keown at callum.keown@dowjones.com

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