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Apple Inc. (NASDAQ:AAPL) shares are down Monday. Here’s what you need to know.
What’s Going On: Apple has its annual iPhone event on September 9, where the company is expected to launch the new iPhone 16 series and possibly discontinue several older products.
What To Know: Apple is likely to discontinue multiple products following the iPhone 16 launch, including the iPhone 15 Pro, iPhone 15 Pro Max, iPhone 14 Plus and iPhone 13. The discontinuation of these products aligns with Apple's typical strategy to phase out older models to make room for new releases. The upcoming event, known as "Glowtime," is anticipated to be a major showcase for Apple, highlighting new models with AI capabilities, larger screen sizes and other enhanced features.
What Else: In addition to product updates, Apple is indirectly involved in significant supply chain developments, particularly in Taiwan. Taiwan Semiconductor Manufacturing Co. (NYSE:TSM), a key chip supplier for Apple, is leading efforts to localize neon gas production by 2025. This move aims to secure a stable supply of neon gas, a critical material in chip manufacturing, which was previously disrupted due to geopolitical tensions. This localization effort underscores the importance of maintaining a resilient supply chain for Apple's future products, especially as demand for advanced chips increases.
AAPL Price Action: As of the latest trading, Apple shares are down 2.93%, trading at $222.41 according to Benzinga Pro.
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