The Apple Inc (NASDAQ: AAPL) stock price fell slightly for the second day after the much-awaited launch of its iPhone 15 smartphones on September 12, 2023. The firm was expected to increase prices but kept them the same, except for the top range model, the iPhone 15 pro max, which saw a $100 increase..
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Even the iPhone 15 pro max did not get a price increase on all models, as only the entry-level pro max with 256GB of storage received a price bump along with higher storage. The company kept the prices of the other iPhone 15 models intact, with the iPhone 15 starting at $799 and the entry-level pro model starting at $999.
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Like many other smartphone manufacturers, Apple has been dealing with the slump in global demand for the latest models as consumers hold on longer to their current smartphones instead of upgrading to the latest ones each year. The trend could be why Apple kept most of its prices intact.
Investors are also concerned about the looming market uncertainty in China, even as a spokesperson for China’s foreign ministry clarified that the country’s government had not banned its citizens from purchasing and using foreign phones.
“China has not issued laws, regulations or policy documents that prohibit the purchase and use of foreign brand phones such as Apple’s,” foreign ministry spokesperson Mao Ning told a regular press briefing when asked about the reports.
“But recently, we did notice a lot of media exposure of security incidents related to Apple’s phones. The Chinese government attaches great importance to information and cyber security and treats both domestic and foreign companies as equals,” she added.
Investors are concerned that Apple’s sales in China, its third-largest market, will diminish after the government banned most employees from using Apple phones to conduct government business due to cybersecurity concerns.
The bans could have the same effect as the US ban on Huawei, but on a much smaller scale, as this is not a total ban. Many are worried that China could seek to cripple Apple, which manufactures most of its iPhones in the country, much like the US government did to Huawei.
Apple stock price.
The Apple stock price fell slightly on the second day after the September keynote event.
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