Apple (NASDAQ: AAPL) introduced its 2026 iPhone lineup on September 9, leading with the iPhone 18 Pro at $1,199, the iPhone 18 Pro Max at $1,299, and the company’s first foldable, the iPhone Duo, at $1,999, in the first keynote by John Ternus since he became chief executive on September 1. The Pro models center on a new variable-aperture camera and Apple’s first 2-nanometer A20 Pro chip, per Apple’s announcement, while Ternus called the foldable Duo “the most transformational change to iPhone since the original,” in Apple’s release.
The market’s response was the notable part for investors. AAPL closed the event day down about 0.28%, which CNN attributed to skepticism about how many buyers will pay up for the most expensive iPhone Apple has made, before ticking roughly 1% higher in pre-market trading the next morning, per TradingView. A lineup this significant landing to a flat tape is the tension worth unpacking, because the launch pairs real innovation with modest near-term volume, and traders are split on what it does for the stock.
Apple (AAPL) shares chopped between about $310 and $319 around the September 9 launch, closing slightly lower on the day. Source: TradingView.What Apple Launched Across the iPhone 18 Lineup
The iPhone 18 Pro and Pro Max carry the volume this cycle, and Apple positioned them around the camera and the chip. The new 48MP Fusion Main camera brings variable aperture to iPhone for the first time, using six laser-cut blades to adjust depth of field and lighting, and both models run the A20 Pro, Apple’s first 2-nanometer phone chip, with a redesigned vapor chamber Apple says delivers the highest sustained performance in iPhone history, according to Apple’s release.
“We didn’t just make incremental improvements, we took huge leaps forward to create the best Pro iPhone we’ve ever made,” said Greg Joswiak, Apple’s senior vice president of Worldwide Marketing, in the announcement. Both Pro models are a $100 increase over last year, with preorders September 12 and availability September 18.
The lineup also had a notable absence: there is no standard iPhone 18 this fall. Apple split its release schedule, holding the mainstream iPhone 18, 18e and Air 2 for spring 2027, as reported by CNBC, so the September event carried only premium models. That concentrates this cycle at the top of the price range and pushes the higher-volume, lower-priced iPhones into a second launch window next year, a structural shift that shapes how the quarter’s unit mix and average selling prices will read.
The iPhone Duo: Apple’s Most Expensive Phone Ever
Apple’s first foldable is the headline product and the most expensive iPhone it has sold. The iPhone Duo opens to a 7.6-inch inner display, which Apple calls its largest ever, folds to a 5.4-inch outer screen, and starts at $1,999 for 256GB, rising to the 2TB configuration, with preorders October 16 and availability October 23 across more than 70 countries, per Apple’s release.
That places it about $700 above the $1,299 iPhone 18 Pro Max. Ternus framed the design as the point of difference, saying the Duo “redefines what it means to use a foldable phone” and “shows what’s possible when hardware and software are engineered togethe.”
iPhone 18 Pro vs iPhone 18 Pro Max vs iPhone Duo pic.twitter.com/LEVPDRhNO3
— Apple Hub (@theapplehub) September 9, 2026
Why AAPL Stock Barely Moved on the iPhone 18 Launch
A muted reaction to an Apple launch is closer to the rule than the exception, and this one fits the pattern. The slight decline on the day reflects a heavily previewed event rather than a surprise, with the foldable rumored for more than a year and the pricing broadly anticipated.
For where that leaves the shares, FinanceFeeds’ AAPL $350 bull versus $250 bear breakdown put the December option-implied range at roughly $266 to $360, with about a 20% chance of finishing above $350 and a 12% chance below $250, so the launch landed the AAPL stock squarely inside a band the options market had already mapped.
Investor Takeaway
The AAPL stock reaction is a sell-the-news, not a verdict: AAPL fell 0.28% on a launch rumored for over a year, so the flat move reflects a priced-in event rather than a judgment on the lineup’s success.
The Analyst Split on Apple’s Foldable Bet
Wall Street divided sharply on what the foldable means, and the bulls led on conviction. Morgan Stanley’s Erik Woodring, rated Overweight with a $360 target, called the Duo the most consequential launch since the iPhone X and estimated it could add around $14 billion in December-quarter revenue, as reported by International Finance. Dan Ives of Yorkville Ives told CNBC the Duo is the first new Apple product in a decade, since the AirPods, that could “move the needle” and might kick off a broader innovation cycle, per CNN, and Bank of America’s Wamsi Mohan kept a Buy rating with a $380 target.
The bears focused on price and margins. Jefferies retained an Underperform rating, Morningstar expects the Duo to remain a low-volume premium product with gross-margin compression in 2027, and KeyBanc had warned before the event that the launch could prove a negative catalyst if the pricing caused sticker shock, all per International Finance. The two camps are reading the same fact in opposite directions: a new category that lifts average selling prices, or an expensive niche that dents margins.
How Many iPhone Duo Units Apple Might Actually Sell
The volume math is where the excitement meets reality, and the sourced estimates are modest. TF International Securities analyst Ming-Chi Kuo, the most-cited Apple supply-chain forecaster, expects only 0.5 to 1 million foldable units to ship in the September quarter and 7 to 8 million across the second half of 2026, against 20 to 22 million iPhone 18 Pro and Pro Max units in the same period, as reported by Yahoo Finance.
Counterpoint Research expects Apple to take roughly a quarter of the foldable market in its first partial year. Set against Apple’s iPhone franchise, which generated about $209.6 billion of the company’s $416 billion in revenue last fiscal year, per ValueAdd, even a strong foldable launch registers as a rounding error in the near term, which is why the more aggressive first-year revenue projections circulating this week read as high-end estimates rather than base cases.
The Memory-Cost Risk Behind the $1,999 Price
The price tag is partly a supply-chain story, and it ties directly to a squeeze reshaping the whole hardware sector. The Duo launches into a memory-price crisis in which the memory for a 256GB iPhone 18 Pro is expected to cost almost 400% more this quarter than a year ago, forcing Apple to absorb margin to hold the $1,999 starting price That is the same DRAM and NAND surge FinanceFeeds tracked as AI demand drove memory-server prices higher, and it is a real margin risk that the bulls’ revenue projections tend to understate.
The launch also matters as Ternus’s first public test on the question that has dogged Apple, whether it can compete in AI, the strategic inheritance FinanceFeeds laid out when Ternus took over and inherited the AI question. Apple’s releases say the rebuilt Siri AI, powered by Apple Intelligence, rolls out in beta with iOS 27 on September 14, but Apple’s own footnotes note that Siri AI “will not be available initially in the EU,” per Apple, carving the AI centerpiece out of a major market at launch.
The decisive read comes on October 29, when Apple (AAPL) reports quarterly results in Ternus’s first earnings as CEO and the first hard data on how the new lineup is selling.
Investor Takeaway
Margin, not units, is the risk to watch: the memory-cost surge forced Apple (AAPL) to absorb margin on the $1,999 price, so the October 29 earnings and its gross-margin guidance matter more than launch-day enthusiasm.