Apple Shares Rise as Foldable iPhone Launches at Record Price; Skyworks and Alphabet Also See Gains
Apple shares rose nearly 3% on Friday following the launch of its first foldable iPhone, the Duo, which is priced at £1,999 in the UK — Apple's highest price ever for an iPhone. The release marked a strategic shift toward higher average selling prices rather than unit volume growth. Supplier Skyworks Solutions surged over 9%, driven by both the product launch and anticipation of its pending merger with Qorvo. Alphabet also saw gains as broader tech stocks rallied, with the Technology Select Sector SPDR Fund rising nearly 1.7%. Analysts noted that Apple's foldable phone is a significant gamble due to trade-offs like Touch ID instead of Face ID and a smaller battery compared to its Pro Max model. However, early impressions suggest improvements in hinge technology could differentiate it from competitors such as Samsung. The shift toward higher-priced models may help sustain revenue growth even if unit demand remains flat. The market response indicates broad support for the tech sector following Apple's launch, with both QQQ and XLK indexes rising significantly.
Topics: Alphabet Apple foldable iPhone Skyworks Solutions stock rally