Apple shares fall after iPhone 18 Pro debuts with $100 hike

Apple shares dropped roughly 1.53% after the company introduced the iPhone 18 Pro at its annual product event, where John Ternus led the presentation for the first time as CEO. The event included updates to phones, watch models, AirPods and Siri.

The company opened the event with a “shot on iPhone” video. Tim Cook made a brief appearance before handing the stage to Ternus, who assumed the chief executive role earlier this month. Apple presented the iPhone 18 and iPhone 18 Pro lineups along with software and accessory updates.

The iPhone 18 Pro family will be offered in Deep Black, Silver, Glacier Blue and Burgundy. Pro models are powered by Apple’s A20 Pro chip, built on a 2-nanometer process. Apple highlighted a next-generation vapor chamber in the Pro models with three times the surface area of the system used in the iPhone 17 Pro. The company provided battery estimates of up to 24 hours for the iPhone 18 Pro and up to 30 hours for the iPhone 18 Pro Max on a single charge.

Pricing for the Pro models starts at $1,199 for the iPhone 18 Pro with 256GB and $1,299 for the iPhone 18 Pro Max. A 2TB storage option is available. Apple noted those starting prices are $100 higher than the corresponding iPhone 17 Pro models. The company did not announce updated non‑Pro iPhone models at the event.

Apple described an “entirely new version” of Siri that can take actions inside apps, including third-party applications. The company said the updated assistant will work with more than 300,000 apps. Apple also outlined an iOS 27 feature called iPhone Handoff that will let customers use a single phone number across multiple devices.

On accessories, Apple introduced AirPods 5 with active noise cancellation and longer battery life for its lower-cost AirPods tier. The standard AirPods 5 are priced at $129 and a wireless-charging version is $149. Apple also announced the Apple Watch Series 12 and the Apple Watch Ultra 4 as part of the product refresh.

Apple framed the package of updates around improvements in artificial intelligence, camera performance, battery life and device performance. At the time of reporting, the company’s shares were down about 1.53% following the announcements.