Apple (AAPL) shares fell 1.08% in Tuesday premarket trading after analysts on Wall Street raised fresh concerns about iPhone demand and the company's production plans. The decline extended Monday's 0.15% loss and came as the stock pulled back from recent highs, just days after Apple's valuation crossed the $5 trillion mark last week.

Technology stocks broadly faced pressure as investors questioned borrowing costs corporate spending on artificial intelligence. AMD, Intel and Micron were among the chipmakers that weakened ahead of the opening bell, though Intel had rebounded on Monday after heavy selling across the chip sector.

Loop Capital Cuts Rating and Price Target

Loop Capital downgraded Apple from Buy to Hold and lowered its price target to $330 from $370. Analyst Ananda Baruah said the firm now expects fewer iPhone shipments than previously projected, citing findings from the supply chain. Loop Capital no longer expects Apple to recover the 13 million units it removed from its 2026 shipment plans and warned that higher memory prices could squeeze profit margins, since memory is a core component across Apple's hardware lineup. The revision reflects a more cautious near-term view of iPhone shipments.

iPhone Upgrade Demand Remains Uncertain

The pace of iPhone upgrades has become a focal point ahead of Apple's upcoming product presentation and quarterly earnings report. KeyBanc analyst Brandon Nispel raised concerns that consumers are delaying smartphone upgrades, with the firm's survey suggesting that higher device prices and capable older models could slow replacement rates even as the iPhone 18 attracted early interest. KeyBanc maintained its Underweight rating and a $250 price target — an $80 spread versus Loop Capital's $330 target that shows how far apart the two firms' views sit.

The findings reflect a broader division among analysts over Apple's next phase of growth. Buyers shifting toward premium models could support revenue per device, but lower shipment volumes would limit that benefit.

Apple's foldable iPhone Duo has drawn attention, although interest and confirmed orders are different measures. The company recently introduced the $299 HomeView smart display and plans to offer paid artificial intelligence services later, though it has not announced pricing for the expanded offerings. Those offerings give analysts concrete roadmap items to weigh against the shipment concerns raised on Wall Street. Apple's next presentation is scheduled for October 28, while fourth-quarter earnings are expected on November 2.

UK Payment Rules and US Manufacturing Push

In the UK, the Competition and Markets Authority proposed giving rival providers easier access to the contactless payment technology on iPhones. The consultation seeks lower charges and fewer technical barriers for competing digital wallets and other services, with the watchdog planning to review responses through November 17 before deciding on final measures. Apple argues that its existing system already supports secure third-party access and has raised concerns about privacy and security.

On the manufacturing front, Apple agreed to buy up to $100 million of titanium over three years from Perryman, a supplier based in Pennsylvania. The commitment comes amid Apple's wider U.S. manufacturing investments, which include chip factories planned in New York.