Investing.com -- Retail investors approached Apple's product event with caution rather than enthusiasm, according to Webull UK chief executive Nick Saunders, who said the muted response should not be over-interpreted.

Saunders told Investing.com that a general lack of enthusiasm for tech meant retail investors had not been streaming into the market, with trading suggesting many had taken profits ahead of the launch.

"It looks as though investors had been taking profits ahead of the event, suggesting a reluctance to buy in to hype," he said.

However, he cautioned against drawing firm conclusions from the reaction, noting Apple shares tend to weaken after launches before recovering.

"I would be cautious about reading too much into this reaction – Apple stock drops 70% of the time following a new product launch with stock often regaining ground in the next month or so," stated Saunders.

The Webull UK boss also argued that the market's focus lies well beyond the hardware on show, including the new foldable iPhone Duo, which he said made for a great photoshoot but was not the main event.

Investors, he said, are far more focused on Apple's AI strategy, with the rollout of the "Apple Intelligence" version of Siri, even in beta, a critical factor for the stock's longer-term path.

Saunders believes the bigger question is whether combining hardware and AI can justify a higher-priced category.

"Hardware does not move markets any more," the Webull UK CEO commented, adding that the key issue is whether the integration offers more than a standard iPhone update.