CUPERTINO, California, September 2, 2026, 02:46 PDT — Apple (AAPL.O) shares fell 0.2% in premarket trading as the iPhone 18 Pro Max pushes the company’s valuation toward 37 times earnings.
- Apple shares were at $324.60 in premarket trading at 05:46 EDT, slipping 0.16%.
- Apple has announced an event for September 9, though it has not disclosed which products will be unveiled or any pricing details.
- The iPhone accounted for $54.25 billion, representing 49.6% of Apple’s most recent quarterly revenue.
Apple Inc. NASDAQ:AAPL was down 0.16% at $324.60 ahead of the market open. On Tuesday, the stock advanced 2.61% to close at $325.13 Google Finance.
The near-term trigger comes next week, as Apple plans an event for September 9 at 10 a.m. PDT Apple.
Apple has yet to announce the official lineup or price details. Reuters reported that the latest iPhone lineup and a potential foldable device are anticipated Reuters.
Apple shares hold most of Tuesday’s gain
Tuesday’s close versus the latest delayed premarket reading, U.S. dollars.
Source: Google Finance. Market data may be delayed.
Investors are focused on average selling price rather than spectacle. A launch weighted toward premium products could boost revenue mix and help counteract higher component costs.
This is significant as the iPhone is still Apple’s biggest revenue source. In the fiscal third quarter, iPhone sales increased 21.7% to reach $54.25 billion.
iPhone supplies nearly half of quarterly sales
Fiscal third quarter ended June 27, 2026; revenue in billions.
Source: Apple fiscal Q3 2026 statements. Percentages use $109.42 billion total sales.
Apple reported total quarterly sales of $109.42 billion, an increase of 16%. CEO Tim Cook described it as the company’s “strongest June quarter ever” Apple.
Apple recorded a total product gross margin of 40.1%. Services delivered a gross margin of 75.6%, as indicated by the company’s disclosed sales and costs.
The iPhone 17 Pro Max launched at $1,199 in the U.S. Apple. According to Bloomberg, as reported by Tom’s Guide, the next model may see a $100 price hike Tom’s Guide.
This suggests a starting price of $1,299, representing an increase of 8.3%. The figure is an estimate and has not been officially confirmed.
A representative decline of 5% in units would still boost model revenue by approximately 2.9%. Meanwhile, a 10% slide in units would reduce revenue by around 2.5%, prior to accounting for mix adjustments.
Analysts lean positive, but the target cushion is narrow
Ratings issued during the past three months.
Source: Google Finance, 31 analysts; checked September 2, 2026, 05:46 EDT.
The current valuation allows little margin for a standard rollout. Apple is trading at 37.27 times its earnings, and analysts on average set the price target at $337.55.
Risks: The lineup and pricing announced could be revised. Increased prices may dampen demand, and tariffs or elevated memory expenses could pressure margins.
Investors are now looking for four key pieces of information: the price, when it will be released, timing for lower-tier options, and level of preorder demand. These factors will indicate if a premium lineup can justify the valuation multiple.
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