BUZZ-Apple shares tumble as rising memory chip costs pressure holiday quarter margins

November 3 - ** Shares of iPhone maker Apple (AAPL.O) fell 4.3% in pre-market trading to $323.77

** On Monday (link), the company warned that memory chip costs will continue to rise, putting pressure on gross margins during the key holiday quarter, but noted it has taken steps to secure supply

** JPMorgan stated that in services, the company is still at an early stage of launching an upgraded Siri AI, which will help monetize its existing user base and follow the industry trend toward consumer-grade AI assistants

** The brokerage noted that on the hardware side, positives include: iPhone revenue exceeded expectations despite supply constraints; processor-related supply bottlenecks have eased; Duo’s supply has improved, but demand visibility remains limited

** According to LSEG data, fiscal fourth-quarter sales were $114.48 billion, above analysts' expectations of $113.39 billion

** According to LSEG compiled data, the stock has an average "buy" rating from 43 analysts, with a median target price of $330

** As of the previous trading day's close, the stock had gained 24.4% so far this year

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