GF Securities cuts Apple to Hold on iPhone 18 Pro $200–$300 cost increase warning
AI Market Summary
Apple was downgraded to "Hold" as sharply higher DRAM/NAND and 2nm silicon costs are expected to lift iPhone 18 Pro bill-of-materials by $200–300, pressuring hardware gross margins. Tim Cook's confirmation of a "100-year flood" in memory pricing reinforces the risk that Apple must absorb cost inflation or raise prices amid softer upgrade demand. Spillovers may affect memory and semiconductor supply-chain positioning.
Impact level
● Medium
Affected assets
NCSKAAPL2USD/USDT-0.21%
AI Insight · NCSKAAPL2USD/USDTAI Insight
▼ Bearish
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GF Securities analyst Jeff Pu downgraded Apple to “Hold,” citing what he described as a once-in-a-century surge in memory prices and an expected $200–$300 rise in costs for the iPhone 18 Pro lineup. Apple CEO Tim Cook said on the company’s Q3 earnings call that memory pricing is seeing “exponential increases,” which he characterized as a “100-year flood.” The shift has pressured expectations for Apple’s hardware gross margins and has spilled over to assets tied to the memory supply chain.
