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Technology Stocks : Apple Inc.
AAPL 270.37-0.4%Oct 31 9:30 AM EDT
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From: Zen Dollar Round9/16/2024 2:23:06 PM
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iPhone fears wipe $116bn off Apple

Apple saw more than $116bn (£88bn) wiped off its valuation in early trading after analysts warned about weaker than expected demand for its new iPhone as its push into artificial intelligence disappointed fans.

Shares in the world’s most-valuable company fell by 3.3pc after the assessment of pre-order sales of the new iPhone 16 series from Ming-Chi Kuo, an analyst at TF International Securities.

The device will include artificial intelligence (AI) tools, such as finding reviews and menus when pointing the camera at a restaurant, or identifying animals and plants.

However, the tech giant said it will bring its Apple Intelligence AI to the US in the coming weeks - in what it describes as a “beta” - before launching a “localised” version for the UK in December.

European countries and other markets will have to wait until 2025.

In a note to clients, Mr Kuo wrote that iPhone 16 series first-weekend pre-order sales are estimated at about 37m units, which is down about 12.7pc from last year’s iPhone 15 series first-weekend sales.

Mr Kuo said: “One of the key factors for the lower-than-expected demand for the iPhone 16 Pro series is that the major selling point, Apple Intelligence, is not available at launch alongside the iPhone 16 release.”

Meanwhile, JPMorgan analyst Samik Chatterjee said that while consumers continue to prefer Pro models, the orders for these flagship models are “starting off modestly slower vs. last year”.

Link: finance.yahoo.com
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