Apple (AAPL) shares are at a record high, and its market cap recently passed $5 trillion for the first time on expectations for iPhone 18 demand. Jefferies analyst Edison Lee argues that optimism may be running ahead of the data, pointing to media reports that Apple cut orders for iPhone 18 Pro and Pro Max by 10%–15%. His tracking shows weakening demand: resale prices for the 18 Pro have slipped to discounts, and lead times in China have disappeared, compared with premiums and longer waits a year earlier. He says the foldable iPhone Duo's pre-order lead time exceeded 90 days, but it has since fallen across all 5 major markets he tracks, and he estimates 6–7 million units of shipments in 2026, in line with market expectations.
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Related tickers and likely impact
AAPL
▼ Likely negativeApple Inc.
Relevance: medium
| Market | US stocks |
|---|---|
| Sector | Information Technology |
| Industry | Technology Hardware, Storage & Peripherals |
| Market cap | $5.0T |
| Close on 10/16/2026 | 343.47 |
| Change that session | +0.43% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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