Apple (AAPL 1.58%) stock saw a significant sell-off in Wednesday's trading. The tech giant's share price fell 3.2% in a daily session that saw the S&P 500 index rise 0.3% and the Nasdaq Composite trade flat.
Apple unveiled its new iPhone hardware and other products at an event yesterday, and the market has had a moderately negative reaction to the unveilings. In addition to the lack of a new, clear-cut blockbuster in the pipeline, investors may also be concerned about the company's pricing strategy.
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Apple stock falls after new product unveilings
At its product event yesterday, Apple unveiled its new iPhone 17 line and the iPhone Air -- an ultra-slim model. Early reaction to the new iPhones seems mixed. The company also unveiled new Apple Watches and AirPods. These products are slated to hit retail on Sept. 19.
While Apple did announce that the iPhone Pro 17 would launch at a $1,099 price point, $100 higher than its predecessor, it has kept comparable offerings for the other new iPhone 17s in line with what comparable iPhone 16s debuted at. Given the cost increases stemming from tariffs, some investors are likely concerned about the company's margins.
What's next for Apple?
Apple is a great company, but it's facing some significant challenges right now. For starters, the company appears to be lagging behind other tech giants in artificial intelligence (AI). The tech giant is facing saturation in the mobile market, and it's been a while since the mobile leader has delivered blockbuster new hardware. That doesn't mean it won't be able to deliver new breakout products down the line, but the company's recent product event suggests that there may be no dramatic new performance catalyst on the near horizon.
