Key Points

• Preorders for Apple's new iPhone 18 Pro and iPhone 18 Pro Max are "lukewarm," according to an analyst.

• Apple began taking pre-orders on Saturday, with the phones going on sale at the end of this week.

• The foldable Duo, priced at $2,000, won't be available until next month.

• 10 stocks we like better than Apple ›

Less than a week after Apple (NASDAQ:AAPL) held an event to publicly launch its first iPhone under CEO John Ternus -- and rolled out its first foldable phone, priced at $2,000 -- the early reviews are in, and they signal a potential problem for Apple and its new leader.

The iPhone 18 Pro goes on sale Friday, but preorder data for the new phones "looks lukewarm," according to GF Securities analyst Jeff Pu. The analyst attributed the weakness to limited feature upgrades and the higher price point for both the iPhone 18 Pro and Pro Max.

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The iPhone 18 Pro is priced at $1,199, and the 18 Pro Max is $1,299. Apple also introduced its iPhone Duo, which is the company's first foldable phone design, with a starting price of $1,999. Apple won't start taking preorders for the Duo until Oct. 16.

Apple has long been popular with its customers, and there are more than 2.5 billion active Apple devices worldwide. But a criticism of Apple in recent years was a lack of innovation in its iPhone lineup. With Ternus taking the reins at the beginning of this month, the company can't afford to get off to a slow start. That's why I think the weak demand for the iPhone 18 is an early warning sign that investors should be watching right now.

What's different about the iPhone 18?

The answer to that question, apparently, is not enough. The iPhone 18 includes a new 2-nanometer A20 Pro chip, which is designed to handle workloads related to the company's new Apple Intelligence and Siri AI.

Apple says the iPhone 18 also has the largest increase in battery life in the brand's history due to a larger battery and advancements in the company's custom silicon. It also features an advanced camera system, which includes a variable aperture that is designed to give users more control of their photos. But that's really not enough to excite customers.

The Duo will be markedly different, in that it has a 5.4-inch outer display, but unfolds to reveal a 7.6-inch inner display that is designed for viewing content or gaming. While it's the first folding phone for Apple, it's not a revolutionary product -- Motorola, Samsung, and Alphabet all market their own foldable phones.

JPMorgan analyst Samik Chatterjee noted that Apple customers may be holding out for the Duo release in October. "In tracking delivery lead-times across key markets, including U.S., China, Germany and U.K. as an indicator of demand, while it is still very early, trends across the two variants currently open for pre-order are tracking lower than the iPhone 17 series during week 1 (e.g., pre-order week), with consumers likely waiting for the release of the foldable phone (Duo), particularly in the China market," Chatterjee wrote in a report.

Siri AI is also here

The smartphones' launch comes at the same time that Apple releases its Siri AI personal digital assistant as part of the iOS 27 software update. Apple has called Siri AI a "profoundly more capable and conversational assistant" that can draft emails, review text messages, and answer questions about what's on a user's screen.

Siri was an innovative product when Apple first integrated it in iPhones, but it's been surpassed by generative AI chatbots such as Claude or ChatGPT. Apple is hoping that Siri AI and its massive reach over Apple's network of devices will help Siri make up lost ground.

Apple still gets the largest portion of its revenue from smartphone sales. Revenue in the fiscal third quarter (ending June 27) was $109.41 billion, of which $54.25 billion came from iPhone sales. The launch of the iPhone 18 was expected to be a catalyst for Apple stock heading into the end of the year.

If iPhone 18 sales are truly flat, then Apple will see that reflected in the stock price in final quarter of 2026. Management needs to hope that JPMorgan analyst Chatterjee is correct and customers are holding out for the Duo in October.

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JPMorgan Chase is an advertising partner of Motley Fool Money. Patrick Sanders has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Alphabet, Apple, and JPMorgan Chase. The Motley Fool has a disclosure policy.