Apple growth concerns deepen as shares test support
AAPL is trading around $333 on October 1, while premarket trading has pushed the stock down toward $331.2, extending the correction after another failed attempt to hold above the $340–342 area. On the hourly chart, the short-term picture has weakened somewhat: the price has moved back below the fast moving averages and is testing the $331–332 area, which has already acted as a demand zone several times.
349.18
350.58
Investors look beyond iPhone demand
Pressure on the stock is now coming less from iPhone sales and more from concerns over future growth. Morgan Stanley cut its price target on Apple from $360 to $355, noting that after the stock’s strong advance, the market now needs new sources of earnings growth.
Analysts also see the development of AI agents as a separate risk, since they could gradually change the way users search for apps, make purchases and interact with services, potentially affecting one of Apple’s highest-margin businesses. For now, this is more of a medium-term threat than a problem for current earnings, but with the stock trading near historical highs, the market has become noticeably more sensitive to such arguments.
Smart home push puts AI strategy in focus
Nevertheless, Apple itself is trying to accelerate its product cycle. New CEO John Ternus is restructuring management, reducing some intermediate management layers and pushing for more frequent product launches instead of the previous heavy reliance on spring and autumn presentations.
As early as October 13, according to media reports, the company is preparing to enter a broader smart home category, with a new home hub, HomePod mini and Apple TV expected to feature deeper Siri AI integration. For the market, this matters not only as another hardware launch. Apple is effectively trying to turn the upgraded Siri into the foundation of a new ecosystem and show that its AI strategy can generate revenue beyond the iPhone.
Margin pressure limits upside case
The main counterweight to this story is now margins. The sharp rise in DRAM and NAND prices is increasing the production cost of new iPhones, particularly higher-end models, so even with solid demand, profit growth may lag revenue growth. Against this backdrop, the strong latest quarter, in which Apple reported revenue of $109.4 billion, EPS growth of 29%, and record results for iPhone, Mac and Services, is no longer a sufficient catalyst on its own.
Thus, the decline in premarket trading may signal continued pressure on the stock throughout the session, which could lead to a test of support in the $324–320 area. Nevertheless, as noted in Apple pullback puts $330 support back in focus, there are currently no clear reasons for a large-scale selloff, so any decline is likely to remain limited.
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