Apple pulls back from $340 as margin and demand concerns return
AAPL pulled back sharply from the $340 area on September 29, briefly falling to $331–332 before part of the decline was bought back. On the hourly chart, this no longer looks like an ordinary minor bout of profit-taking: the price broke below the faster moving averages and returned to a more important support area around $331–333.
351.53
351.53
iPhone 18 demand signals remain mixed
The main issue for Apple right now is that the market still cannot clearly assess the real strength of the iPhone 18 cycle. The latest data look better than they did immediately after pre-orders opened: waiting times for some Pro and Pro Max models have increased, pointing to resilient demand.
At the same time, assessments remain mixed. Some analysts continue to highlight shorter delivery times compared with the previous cycle and the risk that some buyers may be postponing upgrades while waiting for the next major model.
Rising component costs put margins in focus
At the same time, another source of pressure is emerging, one that previously played a much smaller role in the Apple investment story: production costs. The cost of premium models is rising mainly because of more expensive memory and other components. For the market, this is becoming an increasingly important factor after a strong previous quarter with record revenue and a high gross margin.
Sales growth alone is therefore no longer enough: investors will be watching whether Apple can offset higher component costs through pricing and product mix without weakening demand. Another shift is taking place inside Apple itself. The company continues to make targeted job cuts and reallocate resources between individual teams, while placing greater emphasis on AI and new devices.
The scale of these reductions does not yet look critical, but the series of such moves points to tighter cost control. For AAPL, this creates a mixed picture: the strong iPhone business, services and expectations for new products continue to provide support, but near record highs investors are becoming noticeably more sensitive to margins, component costs and any signs of slowing demand.
AAPL correction brings $324 support into view
The bulls’ failure to break resistance around $344 triggered profit-taking in long positions, which has pushed AAPL back to around $332 for now. The bears may next test support around $324, but the current decline, as noted in Apple tests record highs as iPhone 18 demand strengthens, should still be viewed as corrective and as an opportunity to buy at a better price, although that does not necessarily mean from current levels.
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