Mon Sep 16 16:17:25 UTC 2024: ## Apple Shares Plunge as iPhone 16 Pre-Orders Fall Short
**San Francisco, CA -** Apple shares tumbled over 3% on Monday, leading a broader tech selloff, after analyst Ming-Chi Kuo reported that the iPhone 16 series garnered significantly lower pre-orders than its predecessor. Kuo attributed the disappointing figures to the absence of Apple Intelligence, the company’s highly anticipated AI feature, at launch.
Kuo estimated that the iPhone 16 series received 37 million pre-orders in its first weekend, nearly 13% lower than the iPhone 15 debut last year. He suggests that the lack of Apple Intelligence, which is expected to be released in English next month, has deterred consumers. The AI feature will not be available in other languages until next year.
Apple’s downturn has negatively impacted the broader tech sector, with the Nasdaq Composite down 0.8%, while the S&P 500 remained relatively flat. Several semiconductor companies, including Micron, Broadcom, Super Micro Computer, and Taiwan Semiconductor Manufacturing Company, also experienced significant losses.
Apple’s stock has seen four months of gains fueled by expectations of higher iPhone sales driven by new AI features. However, with pre-orders falling short, the company may need to reconsider its product strategy, according to Kuo.
“If shipments don’t increase with the release of Apple Intelligence and holiday season promotions, Apple will likely need to pivot its product strategy,” said Kuo. “I believe that Apple will implement more aggressive iPhone product strategies in 2025 to stimulate market demand.”
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