Cramer: Investors selling Apple on latest iPhone 18 report are 'stupid as plywood'

Jim Cramer said that investors selling Apple on Friday are making a huge mistake. Apple shares fell roughly 2% after Nikkei Asia reported the tech giant is cutting component orders for its iPhone 18 Pro and iPhone 18 Pro Max due to weaker demand. October production orders for the devices were cut by 15% from the original plans, according to the Japanese business news outlet, which cited people familiar with the situation. “If you're selling it here … I've got to tell you that you're stupid as plywood,” Jim said on CNBC. Instead, Cramer said investors who don't already own the stock should use Friday's weakness to start a position with a small purchase of 25 shares. Jim cast doubt on the report's accuracy, noting that former Apple CEO Tim Cook has previously pushed back on similar claims. He also pointed to a slate of new products as catalysts for the stock. At the top of Jim's list is the iPhone Duo, Apple's first foldable smartphone. He said Wall Street is vastly underestimating the Duo's potential as a growth driver. The device becomes available for preorder on Oct.16, before officially hitting shelves a week later. It has a starting price tag of $1,999. Jim has been bullish on the Duo since getting a firsthand look at the device at Apple's flagship store in New York last month. "The Duo is the most exciting thing I've ever seen," he said. The company is also expected to unveil a new lineup of smart home products at its "Welcome Home" event Tuesday, Oct. 13. "Apparently, this time the home iteration is done right," Jim said. (Jim Cramer's Charitable Trust is long APPL. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.