Apple shares edged lower again Wednesday, pinning the stock near the lowest levels in a month, even as a top Wall Street analyst sees an impending 'super-cycle' of iPhone upgrades tied to the tech giant's AI push.

Apple’s annual product launch Monday failed to immediately capture the hearts of investors, as shares of the world’s biggest company slumped during the event largely focusing on previously rolled-out artificial intelligence features coming to iPhones.

Clearly, investors are betting that Apple's new AI iPhone will reinvigorate sales and lead to earnings growth. If you believe in this thesis, now could be a time to buy the stock. Because if sales keep stagnating, the stock will not do well starting at a P/E of 34. Perhaps this is why Warren Buffett is unloading his Apple position right now.

Morgan Stanley analyst Erik Woodring rates Apple stock at Overweight with a $273 price target. He’s upbeat on fiscal 2026 and the iPhone 17.

Shares fell 3% by midafternoon, wiping out roughly $96 billion in market capitalization, though Apple comfortably remains the most valuable public company in the world. Apple dropped Monday to its lowest intraday share price since Aug. 9.

Apple (NASDAQ:AAPL) shares fell on Monday amid concerns that the iPhone 16 has seen softer-than-expected pre-orders, due in part to weak demand for the iPhone 16 Pro. And while that weakness may impact the near-term,