Apple Shares Rise 2 Percent to $321 Ahead of September 9 Event and Foldable iPhone Speculation

CUPERTINO, Calif. — Apple Inc. shares advanced about 2 percent on Friday, trading near $321 as investors looked ahead to a Sept. 9 product event and weighed recent strength in iPhone and Mac demand against a still-premium valuation.

The stock was last around $321.08, up $6.50 from Thursday's close of $314.58. The move extended a short rebound after Apple pulled back from a late-July peak near $344. The company's market value remains in the mid-$4 trillion range.

The immediate focus is Apple's first major hardware launch under incoming chief executive John Ternus, who takes over on Sept. 1. The company has set Sept. 9 for its next iPhone event. Investors expect the iPhone 18 lineup and Apple Watch updates. Industry commentary has also included speculation about a first foldable iPhone, with research firm IDC cited in market reports as projecting more than 10 million foldable iPhone shipments in a first year if the product arrives. Apple has not confirmed a foldable model.

The rally builds on fiscal third-quarter results reported July 30. Apple posted June-quarter revenue of $109.4 billion, up 16 percent from a year earlier, and diluted earnings of $2.02 a share, beating Wall Street's $1.89 estimate. About 11 cents of EPS came from tariff refunds. iPhone revenue rose 22 percent to $54.3 billion. Mac revenue jumped 29 percent to about $10.4 billion. Services reached $30.7 billion, a June-quarter record.

On the earnings call, then-CEO Tim Cook described "an incredibly strong iPhone and Mac product cycle that has really yielded demand beyond our expectation." Cook also warned of tight memory and advanced-chip supply, calling the constraints severe and saying there would be a quarter in which Apple would be scrambling on the supply side.

Guidance for the September quarter called for revenue growth of 9 percent to 11 percent, below some analyst forecasts near 12 percent. Management blamed most of the slowdown on foreign-exchange headwinds and worsening shortages of system-on-chip parts across iPhone, Mac and iPad, not on weaker demand. iPhone revenue was still expected to grow at a mid-teens pace.

Separate shipment data have supported the hardware story. Counterpoint Research reported a 13 percent year-over-year increase in global iPhone shipments in the second calendar quarter, with particular strength in China, Europe and South Korea. Analysts said Apple held prices steadier than some Android rivals facing higher component costs, which may have pulled purchases forward ahead of possible autumn price increases.

Apple this week also refreshed Mac mini and Mac Studio models with M6 and M5 Ultra chips aimed at heavier on-device AI workloads. Those systems arrived at higher starting prices than the previous generation. Analysts have framed the machines as a way to sell more high-end Macs to developers and enterprises even if consumer AI features remain a work in progress.

The installed base of more than 2.5 billion active Apple devices continues to underpin Services, which now runs above $30 billion a quarter. Capital returns remain large. The company deployed tens of billions of dollars to shareholders in the latest quarter and has authorized additional buybacks. A dividend was paid in August.

Risks are unchanged. Apple trades at a high-30s trailing price-to-earnings multiple. Questions persist about how quickly on-device AI, including Siri improvements, will change buying behavior. Supply constraints on memory and advanced processors could limit how many devices Apple can ship into the holiday quarter. Vision Pro remains a small, costly product line and has seen staffing reductions.

The stock is up more than 35 percent over the past year and about 16 percent year to date, though it is down from the July high. One-month performance is negative after that post-earnings drop. Friday's gain put Apple back above $320 and closer to the $330–$340 zone that marked summer resistance.

Ternus inherits a company whose growth is still led by iPhone upgrades and Mac strength rather than a new category. The Sept. 9 event will test whether the next cycle can extend that momentum, whether a foldable device is real, and how Apple prices products amid component inflation. Until then, traders are treating solid recent results, share gains in smartphones, and a clear event date as enough to bid the shares higher for a session.

Broader technology markets were firmer Friday, with large consumer-electronics and software names attracting flows while some semiconductor stocks remained volatile. Apple's lower direct exposure to massive data-center capital spending has been cited as one reason the shares have been steadier than chipmakers in recent weeks.

For investors, the near-term checklist is simple: confirm demand into the new iPhone cycle, watch supply of key components, and see whether Ternus's first keynote changes the product mix. The $321 level reflects optimism about that September showcase more than a change in Apple's long-term financial profile.