Apple Inc. (NASDAQ: AAPL) recorded a 13% year-over-year increase in global iPhone shipments during the second quarter of 2026, according to Counterpoint Research.

The growth was fueled by the iPhone 17 series, stable pricing, and expectations of potential price increases in the third quarter that prompted early purchases.

Regional Performance Divergence

China emerged as a key growth engine, with iPhone shipments rising 23% year-over-year. This outpaced the broader Chinese smartphone market, where Android manufacturers raised prices due to higher component costs. Apple’s decision to maintain stable pricing likely contributed to this relative strength.

Europe also delivered strong results with 22% shipment growth, similarly driven by consumers bringing forward purchases ahead of anticipated price hikes.

South Korea posted the strongest growth among major markets at 35%, supported by promotions and stronger sales in April and May against an easier prior-year comparison.

U.S. and Japan Demand

U.S. iPhone shipments rose 6%, supported by aggressive carrier promotions for the iPhone 17 Pro and Pro Max. T-Mobile U.S. Inc. (NASDAQ: TMUS) and AT&T Inc. (NYSE: T) offered trade-in subsidies of up to $1,100, an increase from $1,000 a year earlier.

Japan mirrored this performance with 6% growth, driven by demand for the standard iPhone 17 and carrier upgrade offers.

India Supply Constraints

In contrast, shipments in India slipped 0.4%. Persistent supply constraints and inventory shortages limited the availability of key iPhone models across both online and physical retail channels, hindering potential demand.

What the Numbers Show

The data reveals a clear divergence between demand drivers in mature versus emerging markets. In China and Europe, growth was primarily demand-pull, accelerated by consumer anticipation of price increases and Apple’s competitive pricing strategy against Android rivals. Conversely, India’s slight decline highlights supply-push limitations, where inventory shortages capped performance despite underlying market interest. This suggests that while pricing strategy drives volume in competitive markets, supply chain execution remains the critical bottleneck in constrained regions like India.

Stock Performance

Apple shares were trading down 0.12% at $309.51 during premarket trading on Wednesday. The stock trades 0.6% below its 20-day simple moving average of $311.50 and 0.4% below its 50-day SMA of $310.88.

However, the longer-term trend remains positive. Apple trades 3.8% above its 100-day SMA of $298.18 and 9.8% above its 200-day SMA of $281.90. The relative strength index stands at 47.95, indicating neutral momentum. The golden cross formed in September 2025 remains intact, with the 20-day SMA above the 50-day SMA.

Key resistance sits at $335. Support stands near $300.50. The 100-day SMA could provide additional support near $298.18.

Apple Inc. (NASDAQ: AAPL) shares rose about 1% to $312.21 on Monday, bucking a broader market decline that saw the Nasdaq Composite fall 1.37% and the S&P 500 drop 0.36%. The relative strength highlights investor preference for liquid, index-heavy mega-cap technology stocks during periods of fading risk appetite.

Southeast Asia Market Dynamics

New industry data from Counterpoint Research indicates Apple is weathering a sharp smartphone slowdown better than many rivals in Southeast Asia. Region-wide smartphone shipments fell 15% year over year in the second quarter of 2026, marking the steepest decline since early 2023.

The budget segment faced severe pressure, with shipments of smartphones priced below $150 plunging 38% due to weak consumer spending and rising component costs. In contrast, premium demand remained robust:

• Shipments of phones priced between $500 and $699 surged 74%.
• Shipments in the above-$700 category rose 18%.

Samsung Electronics Co. (OTC: SSNLF) led the region with a 24% market share, posting a 6% rise in shipments. Apple maintained its position in the top five for the second consecutive quarter, holding a 9% share supported by offline presence and ecosystem demand. Its shipments fell only 2%, significantly outperforming the broader market contraction. HONOR recorded the fastest growth with a 61% jump in shipments.

Counterpoint expects higher costs and cautious spending to continue pressuring the market through the second half of 2026.

Technical Positioning

Apple traded near key medium-term moving averages, sitting about 0.3% above its 50-day simple moving average of $310.52. However, it remained roughly 0.5% below its 20-day average of $313.06. This narrow range suggests potential for choppy trading.

The relative strength index stood at 49.10, signaling neutral momentum. Despite this, the 20-day average remained above the 50-day average, supporting a constructive intermediate trend. Key technical levels include:

A move above the 20-day average may strengthen momentum, while a drop below the 50-day average could increase selling pressure.

Analyst Outlook and Valuation

The stock trades at approximately 35.5 times earnings, reflecting a premium valuation. It holds a Buy consensus rating with an average price forecast of $329.53. Recent analyst actions include:

• Jefferies: Downgraded to Underperform on Aug. 10; lowered forecast to $263.66.
• China Renaissance: Downgraded to Hold on Aug. 4; set forecast at $280.
• JPMorgan: Maintained Overweight rating on July 31; lowered forecast to $340.

According to the Benzinga Edge scorecard, Apple has a momentum score of 76.96 and a quality score of 97.9. However, its value score stands at 4.92, reflecting expensive valuation, while its growth score is 40.05.

ETF Exposure

Large inflows or outflows from major ETFs could drive additional trading volume. Significant holdings include:

• Columbia Research Enhanced Core Premium Income ETF (NYSE: RECI): 9.96% weighting.
• iShares S&P 100 ETF (NYSE: OEF): 9.83% weighting.
• Hedgeye Capital Allocation ETF (NYSE: HECA): 9.50% weighting.