Apple (AAPL) closed at $343.46 on Friday, rising 0.43% even as broader markets sold off sharply amid AI-debt pressure and semiconductor weakness.
Trading volume reached 59 million shares, roughly 31% above the stock’s three-month average of 45 million shares, signaling unusually strong investor interest.
The move higher came after preorders for the iPhone Duo, Apple’s first foldable smartphone, sold out within minutes of going live Friday morning.
The device features a 5.4-inch front display and a 7.6-inch foldable inner screen, making it the most expensive iPhone Apple has ever released.
Delivery dates shifted rapidly from the initial October 23 window all the way into late January, reflecting the scale of early demand.
The strong preorder momentum pushed Apple shares back toward their 52-week high of $348.15, which was reached earlier in the week.
AppleInsider cautioned that the sellout may be less telling than usual, citing reports of manufacturing delays tied to the device’s complex new design and the difficulty of forecasting demand for an entirely new form factor.
The iPhone Duo launch also comes against a challenging backdrop, as a global chip shortage has pushed technology prices higher across the industry.
The sellout stands in contrast to the iPhone 18 Pro, whose preorders got off to a surprisingly slow start in September, with Nikkei Asia reporting that Apple asked suppliers to cut October component orders for the iPhone 18 Pro and Pro Max by 15% to 20%.
JPMorgan reiterated its Overweight rating on AAPL and raised its price target to $360, with analyst Samik Chatterjee estimating approximately 8.5 million iPhone Duo units shipping in the December quarter.
Bank of America held its Buy rating with a $370 price target, reinforcing the broadly bullish analyst consensus surrounding the stock heading into its November 2 earnings call.
Adding to investor optimism, Apple CEO Tim Cook announced in Shanghai on Thursday that Apple Intelligence has received regulatory approval in China and will launch in beta in late October, featuring real-time translation and writing assistance tools developed in collaboration with Alibaba.
The S&P 500 closed at 7,659, down 1.09%, while the Nasdaq Composite finished at 26,140, down 2.14%, as Microsoft (MSFT) fell 1.93% to $529.05 and Alphabet (GOOGL) dropped 2.47% to $340.59.
