Shares of Apple's Argentine-traded CEDEAR (AAPL.BA) surged 10.9% over five sessions to $24,280, tracking a 4.84% jump in the U.S. stock to $308.63 on July 2. The catalyst: a Nikkei Asia report that Apple is preparing its most ambitious iPhone cycle in years, just as rising chip costs threaten to eat into profits.
Five New iPhones in Twelve Months — A Record Push for Revenue
Nikkei Asia reported Apple is preparing at least five new iPhone models across late 2026 and early 2027, while lifting its foldable iPhone production target to roughly 10 million units, up from a prior estimate of 7–8 million.
Morgan Stanley analysts say Apple has a path to more than 250 million iPhone shipments in fiscal year 2027, helped by stronger upgrade rates and the foldable device. For shareholders, more models at higher prices — the foldable could start above $2,000 — mean a potentially meaningful lift to average selling prices.
The Foldable iPhone Is Apple's Biggest Product Bet in Years
Apple's first foldable iPhone is expected to launch as part of the fall 2026 lineup, introduced alongside the iPhone 18 Pro and Pro Max in September.
Priced starting above $2,000, it will be the most expensive iPhone ever. That creates a new premium tier, but analyst Ming-Chi Kuo has warned that production challenges could cause supply shortages into 2027. Limited supply could cap the revenue upside investors are pricing in.
Rising Memory Costs Could Squeeze the Profit on Every Phone Sold
The AI data-center boom has tightened DRAM and NAND chip supply — the same memory used in phones — and JPMorgan estimates memory could account for about 45% of iPhone production costs by 2027.
Apple can absorb higher costs and accept thinner margins, or raise prices and risk slowing upgrades — a tension already visible in June, when Apple hiked Mac and iPad prices and the stock fell 6.12% in a single day.
Wall Street Is Divided, and the Stock Isn't Cheap
Apple trades at a trailing price-to-earnings ratio of 35.6×, well above its five-year median of 30.2×.
Jefferies recently downgraded Apple to Underperform, warning that expectations around upcoming iPhones and the upgrade cycle had become unrealistic.
At a $4.4 trillion market cap — the world's second-largest — Apple needs this supersized iPhone cycle to actually deliver, not just excite.