Report: Apple cuts iPhone 18 Pro production due to 'soft demand'

Apple shares fell 2% to $335 after Nikkei Asia reported a 15% cut in iPhone 18 Pro component orders due to softer demand. The price increase, attributed to higher memory chip costs, may be a factor. Apple has not commented. The cut also follows the absence of a standard iPhone 18 model this fall, which may impact demand. Micron benefits from higher memory chip prices.

Apple (AAPL) shares fell 2.3% after a report indicated the company reduced component orders for iPhone 18 Pro models by 15-20% due to cooler consumer demand. The stock later recovered slightly to $333.57, down 2.1%. Apple did not comment on the report. The company's shares are up 23.1% year-to-date, near their 52-week high.

U.S. consumer prices for September are expected to rise 0.6%, driven by a 10% jump in gasoline prices, while core inflation is projected to increase 0.2%. Apple Inc. raised iPhone prices, potentially pushing up the CPI for education and communication goods by 1.2%. The Federal Reserve may consider this data at its October 28 meeting. Apple's stock is trading at $332.34, 15.4% above its GF Value™ of $288.10, indicating modest overvaluation.

Apple (AAPL) reportedly reduced component orders for iPhone 18 Pro models by 15% due to weaker-than-expected demand, according to Nikkei Asia. The price increase, driven by higher AI-related memory costs, may be affecting sales. Samsung (SSNLF) is impacted by both rising memory prices and higher chip costs in its smartphone business. Apple shares dropped 2.7% in premarket trading.

Apple plans to unveil seven new products across two events on October 13 and 27, including home devices and MacBook Pro models. The October 13 event in New York may feature a smart home hub, HomePod mini, and Apple TV 4K, while the October 27 event is expected to include MacBook Pro models with OLED displays and new iPad and iMac models with M6 chips, according to Bloomberg's Mark Gurman.

Apple's stock fell 3% to $331.22 after reports of reduced component orders for the iPhone 18 Pro due to weaker demand and higher costs. Skyworks Solutions dropped 2% to $78.95, while Qualcomm rose 0.4% to $176.64. The broader chip sector and tech ETFs gained, indicating the selloff is specific to Apple and its suppliers.