Apple is under pressure as investors wait for earnings report

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Anton Kharitonov

28.04.2026

Apple is under pressure as investors wait for earnings report — AAPL

Apple is showing an unexpected strength where it is usually criticized the most — in the smartphone market. In the first quarter of 2026, Apple became the global leader in iPhone shipments for the first time in its history, taking around 21% market share and posting about 5% growth in shipments while the overall global smartphone market declined by roughly 6%.

This result largely relies on strong demand for the iPhone 17 lineup, effective supply‑chain management amid memory shortages, and a noticeable uptick in the Chinese region, where Apple smartphone sales grew by about 23% in the first nine weeks of 2026.

At the same time, the main source of doubt around Apple today is its AI strategy. While the tech‑stock market in 2026 is riding the AI‑hype wave, Apple is perceived as a non‑leader in the race, unlike Microsoft or Nvidia. Investors are not looking for mere “features” like Apple Intelligence, but for concrete monetization and a clear strategy: how exactly AI‑features will generate additional cash flow through services, subscriptions, and a new experience within the ecosystem.

In this context, the overhaul of Siri based on Google Gemini and the integration of Gemini into Apple Intelligence look like an attempt to catch up with the leaders, but they still do not give the market confidence that the company is ready to capture a meaningful share of AI‑value from MSFT or NVDA.

Apple’s Q2 2026 earnings report, scheduled for April 30, 2026, has become the key event for interpreting these scenarios. However, the market is focusing less on the actual numbers and more on guidance and the AI narrative.

At the index level, Apple is already slightly lagging the AI‑hype‑driven sector: the Nasdaq is rising, monetizing AI‑related expectations, whereas AAPL has been weighing on the Dow index, reflecting a more cautious tone around a large, fundamentally strong but under‑hyped asset. At the same time, the company’s market capitalization exceeds 3.9 trillion dollars, making Apple one of the most expensive and iconic assets in the global market, with a P/E ratio around 33–34x, clearly above the historical 10‑year average.

Ahead of the report, investors are showing caution, which has materialized as profit‑taking from long positions near the resistance zone around 274–276 USD, causing the AAPL share price to pull back to the 266.00 USD support level. From current levels, bulls may attempt to retest the 272–274 USD zone; a break below support would lead to a decline toward 262–260 USD, where buying interest could also emerge.

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