Apple Stock Hits Record High as iPhone Duo Pre-Orders Sell Out in Minutes

Apple Inc. (NASDAQ:AAPL) shares rose over 2% in premarket trading Friday, according to Benzinga Pro, after an AppleInsider report said the iPhone Duo sold out moments after pre-orders opened, pushing the stock to a new all-time high today. Apple was rising even as the Technology Select Sector SPDR Fund (XLK) slipped 0.09% in premarket trading. Apple stock is challenging resistance. What’s driving AAPL to record levels? iPhone Duo Pre-Orders Sell Out Within Moments, Pushing Shipping Dates into November According to AppleInsider, pre-orders for the iPhone Duo began at 8 a.m. ET, and shipping dates slipped to Nov. 16 and then Nov. 23 for all configurations almost immediately. Apple never says how many devices it has ready on the first day, but shipping dates usually offer a clue about whether a model is a hit. Customers can still place orders, but they won’t receive the phone when the first shipments begin Oct. 23. The iPhone Duo will also be in stores that day, and the stores will have at least some stock. AppleInsider Says Limited Supply Makes the Sellout Harder to Read AppleInsider said the sellout is less telling than usual because Apple is believed to have made fewer iPhone Duos than normal. It pointed to reports of manufacturing delays on the complex new design, and to the possibility that demand for a new form factor was harder to estimate. The iPhone Duo is the most expensive iPhone ever made, and it is launching while a global chip shortage has pushed technology prices higher. The sellout contrasts with the iPhone 18 Pro, whose pre-orders got off to a surprisingly slow start in September, according to AppleInsider. Last week, Nikkei Asia reported that Apple told suppliers to cut October component orders for the iPhone 18 Pro and Pro Max by 15% to 20%. JPMorgan analyst Samik Chatterjee’s estimates include about 8.5 million iPhone Duo units in the December quarter. Read Also: Stock Market Today: Dow, S&P 500 Futures Rise as Bessent Intensifies Economic Pressure on Iran, Treasury Yields Cool Off — TSLA, AA, IBKR in Focus Apple Shares Inch Higher AAPL Price Action: At the time of publication, Apple shares are trading 1.80% higher at $348.14, according to data from Benzinga Pro. Image via Shutterstock