Why Apple stock could face a pullback after a 30% surge

Apple shares hit a record high of $345.45 on Oct. 13 and traded near $347, valuing the company at about $4.98 trillion, but a new report raises the risk of a pullback. The concern: suppliers are reportedly cutting output of iPhone 18 Pro components. Investors are watching whether demand for the iPhone 18 Pro and Pro Max is weaker early on, potentially tied to higher prices used to offset rising memory costs, and timing around Apple’s first foldable, the iPhone Duo, priced from $1,999 with preorders expected later this week. Apple also trades at more than 39 times trailing earnings, leaving limited room for disappointment ahead of earnings next month. Analyst views are mixed, with Bernstein and Evercore holding Outperform ratings and UBS neutral.