Apple Inc. ($AAPL) Stock: Turns Positive in 2025 After iPhone 17 Launch

TLDR

• Apple stock plunged at $254.43on Sept. 24 down by 1.26% YTD but behind Big Tech peers.

• UBS data shows strong wait times for iPhone 17 Base but muted demand for higher-end models.

• ASP growth may be limited by pricing strategy favoring entry-level buyers.

• The iPhone 17 Air’s $999 redesign and China subsidies boost near-term demand.

• Apple still lags Microsoft and Google in AI, with major Siri updates delayed until 2026.

Apple Inc. (AAPL) shares were down 1.21% as of 12:46 PM EDT, dropping from around $254.43 to $251.36.

Apple Inc. (AAPL)

With these gains, Apple has erased its 2025 losses, now up 1.96% year-to-date, though still trailing the S&P 500’s 13.18% rise. The September 25 earnings report will give further clarity on Apple’s momentum.

The rally followed strong initial demand for Apple’s newly launched iPhone 17 lineup. Shares climbed 4% earlier this week as shipping times lengthened for the redesigned iPhone Air, signaling healthy interest heading into the holiday quarter.

UBS warns of ASP pressure

Despite the positive stock reaction, UBS analysts flagged potential risks for Apple’s average selling price. Evidence Lab data showed “elevated year-over-year wait times” for the iPhone 17 Base model across 30 tracked markets, while demand for higher-end models like the Pro Max looked flatter.

In the U.S., wait times for the iPhone 17 Base stretched to 18 days versus 11 days for the iPhone 16 Base. In China, wait times jumped to 25 days compared with 9 days for last year’s model, which UBS partly attributed to subsidies. However, the analysts noted that heavy mixing toward entry-level models may dampen ASP upside this quarter.

Apple’s pricing strategy

UBS pointed to Apple’s strategic pricing adjustments. The Base model now starts with 256GB storage, effectively lowering its price per gigabyte, while the Air and Pro models saw implied price increases. This mix could weigh on revenue per unit even if total shipments grow.

The $999 iPhone Air is proving a strong draw, being Apple’s first major redesign in years. Bank of America analysts reported longer delivery windows of 18 days for the Air compared with just 10 days for last year’s iPhone 16.

Broader product ecosystem and AI lag

Apple’s fall lineup also included new AirPods Pro 3 and the latest Apple Watch, which introduced AI-driven health features such as blood pressure risk alerts. Still, the company lags competitors in AI innovation. A major Siri update isn’t expected until 2026, leaving Apple behind Microsoft and Google, both of which have heavily invested in AI this year.

Performance overview

Looking beyond 2025, Apple remains a long-term outperformer. The company has returned 12.87% over the past year and 144.18% over five years, compared with the S&P 500’s 16.41% and 105.66% gains, respectively. Yet the near-term focus rests squarely on the iPhone 17’s holiday season performance and whether Apple can sustain momentum despite ASP concerns and AI challenges.

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