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Tim Cook called it a hundred-year flood in memory pricing, and now Apple is betting a $2,400 foldable iPhone can keep margins intact while rivals have already lapped the category twice.

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Apple’s (NASDAQ:AAPL | AAPL Price Prediction) product event lands tomorrow, and the story ahead of it has less to do with hardware romance than with margin arithmetic. On September 8, 2026, CNBC reporter MacKenzie Sigalos previewed a lineup she framed as a deliberate push upmarket, anchored by a foldable device reportedly called iPhone Ultra.

Apple enters the event with supportive fundamentals. The stock closed at $316.22, up 33.43% over the past year, and last quarter it reported $109.4 billion in revenue with company gross margin at 50.1%.

But those numbers arrive alongside a candid warning from Tim Cook about “a 100-year flood on the memory pricing”. Read the foldable as the response, and the event becomes a test of whether pricing power can carry the P&L while unit growth stays modest.

What Sigalos Says to Expect Sigalos told CNBC viewers that Apple is expected to skip a regular iPhone 18 and lean into a foldable that would, per Sigalos, represent the first major iPhone design change in nearly a decade.

According to Sigalos, the iPhone Ultra is expected to start around $2,400 and top $3,000 at higher storage tiers. Early production is reportedly very limited, which Sigalos suggested could feed scarcity-driven demand.

She also cited a Morgan Stanley projection of $14 billion in December-quarter revenue tied to the foldable alone, according to CNBC. That figure remains a projection that depends on Apple hitting an aggressive ramp on a first-generation product.

A new A20 Pro chip is also expected, aimed at running more of Siri on device, according to CNBC. None of this is confirmed by Apple; treat every specification, price, and ship window as reported expectation until the keynote.

Pricing Architecture and the ASP Lever Average selling price is the quiet variable that decides how this quarter looks. If mix shifts toward a $2,400 tier, iPhone revenue can grow even if the unit count barely moves, according to CNBC.

That matters because iPhone was $54.3 billion of last quarter’s revenue, still Apple’s biggest single line. A blended ASP lift compounds directly through a product’s gross margin that already ran at 40.1%.

Sigalos summarized the playbook plainly: push the mix toward more expensive devices, lift ASPs, and protect margins even with modest unit growth. Analyst models agree the top line has room to run, with the FY2027 revenue consensus at $526.35 billion.

The risk is that borrowed growth today makes next year’s comparison harder, an issue Apple has managed before but never at this price ceiling.

Passing Memory Costs to the Consumer Cook already told investors Apple “reluctantly raised prices” because memory inflation was outrunning the company’s ability to absorb it. Sigalos reported that the street expects like-for-like price increases of $200 to $500 versus comparable iPhone 17 models.

Apple’s most recent 8-K shows why the pass-through matters: gross profit rose to $54.77 billion, and management flagged that memory costs will step higher again in the September quarter.

Charging consumers instead of eating the cost protects reported margin, but it strains the value proposition at the low end of the Pro line. Buyers, however, have real alternatives, including holding their current phone another year.

Cook was unusually direct about evaluating units, revenue, and margin together rather than optimizing any single line.

Competitive Pressure and the iPhone 17 Comp Problem, according to CNBC Huawei and Xiaomi have sold foldables for years, particularly in Greater China, where Apple’s segment revenue was $18.82 billion last quarter. Apple is arriving late to a category rivals have already iterated through multiple generations.

Sigalos also flagged that Apple faces tougher iPhone 17 comparisons after that lineup drove 22% year-over-year iPhone growth. Lapping that result with a supply-constrained foldable is a demanding setup.

Services growth is also cooling, with the segment up 12% from a year ago at $30.7 billion, pressured by foreign exchange and App Store rule changes. A foldable buyer typically converts to higher iCloud and AppleCare spend, which helps explain the $2,400 anchor.

Retail sentiment reflects the ambivalence: Reddit’s most-upvoted AAPL thread this week asked whether a $2,500 foldable iPhone is really enough to move the stock.

Is AAPL Stock a Buy? At a 41x trailing P/E and 2.14% free cash flow yield, Apple is priced for the pricing strategy to work. The margin math is defensible; the comparison math is the harder problem heading into FY2027.

Trading volume for price can hold for a cycle or two, especially with Services attach economics behind it, although it does borrow growth from later years if memory costs normalize and buyers resist another hike.

Given the defensive margin profile, the buyback pace of $62.09 billion over nine months, and neutral-to-positive sentiment at a composite 54.2, the risk/reward looks balanced heading into the event, with the setup skewed toward waiting to digest the keynote before adding exposure. I’d tag it a hold, as Apple is undergoing a transition with its new CEO.

Contact [email protected] for any questions or corrections.

Apple (AAPL -0.46%) has been a quiet outperformer this year. It has risen around 18% this year, while the S&P 500 (^GSPC -0.31%) is up around 13%. That's a solid outperformance, but what investors are focused on is what happens over the next year. Apple has some major headwinds popping up, and with new CEO John Ternus at the helm, he's going to be thrown into the deep end quickly.

I think this could be a problematic run for Apple, and if you own shares, now may be the time to exit.

Image source: The Motley Fool.

Apple is highly valued for its growth If you compare Apple stock to its peers, it's clear that it has a much greater premium than any of them.

NVDA P/E Ratio (Forward) data by YCharts

Apple is in a league of its own and must maintain consistent execution if it hopes to stay on top. The problem is, a storm is coming.

During Tim Cook's last earnings call as CEO, he noted a particular problem that could cause issues: memory chip prices. AI firms have eaten up all available memory chip capacity, which is causing prices to skyrocket for these components. Apple isn't immune to these price increases, so it has two choices: First, it can eat the price increase, which cuts into profits. Second, it can raise prices on devices to compensate. The second option could push consumers who are already stretched to the brink, potentially leading them to delay an upgrade or switch to a different phone provider. Regardless, it isn't an easy situation for a new leader to find himself in, which is why Cook framed the event as a "100-year flood."

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I think all of this could negatively affect Apple's stock and force the market to value Apple at a more reasonable level. With its big tech peers all growing faster, I think there's a tough case for Apple to maintain its premium valuation.

NVDA Revenue (Quarterly YOY Growth) data by YCharts

Should Apple fall to a big tech average valuation of 25 times forward earnings, combined with fiscal-year 2027's projections (Wall Street analysts estimate $9.57 in earnings per share next year), that would price the stock at about $240 per share. That's a long way down from today's $320 stock price, but I don't think it's out of the question.

The reality is that Apple is a very expensive stock with a valuation out of sync with other big tech peers despite a slower growth rate. Weakness in sales due to price hikes or shrinking margins could trigger a drop, making Apple a poor stock to own over the next year.

Keithen Drury has positions in Alphabet, Amazon, Microsoft, and Nvidia. The Motley Fool has positions in and recommends Alphabet, Amazon, Apple, Microsoft, and Nvidia. The Motley Fool has a disclosure policy.

Dominic Rizzo, T. Rowe Price Global Technology Fund portfolio manager, joins 'Squawk Box' to discuss Apple's expected unveiling of the iPhone 18, what the release means for Apple, and more.

As Apple prepares to unveil its most ambitious iPhone in years, veteran tech analyst Paul Meeks is raising a quiet alarm about a supplier oligopoly that could turn a blockbuster launch into a margin nightmare.

Just before Apple (NASDAQ:AAPL | AAPL Price Prediction) takes the stage for what Bloomberg’s Mark Gurman calls “the most exciting iPhone launch in a decade”, others are less convinced. Veteran tech analyst Paul Meeks of Freedom Capital Markets used a CNBC appearance to push back on the celebration. His message: the memory oligopoly is quietly winning this cycle, and Apple’s gross margins will pay for it.

Meeks warned viewers not to get swept up in the hype around the debut of the first foldable iPhone, codenamed V68, expected to start near $2,000 and unveiled by incoming CEO John Ternus. “I’m afraid…that you might be overselling it,” he said, flagging Apple’s lagging AI position as a structural concern.

Meeks’s Memory Warning, In His Own Words Meeks identified the mechanism squeezing Apple: an entrenched supplier oligopoly. He called out the “big three oligopolies in memory,” Micron, SK Hynix, and Samsung, controling roughly 90% of market share, adding:

“A company with the heft of an Apple has to pay more. Cost of goods sold goes up, gross margins go down. And it’s a real problem.”

Former CEO Tim Cook confirmed the pressure on Apple’s Q3 FY26 call. He described the environment as “a 100-year flood on the memory pricing with exponential increases in memory prices” and said Apple “reluctantly raised prices.” CFO Kevan Parekh added that “more than 100% of that can be explained by the memory cost change” when explaining sequential margin compression.

Fundamentals Still Look Strong The warning lands against a genuinely powerful backdrop. Apple posted June-quarter revenue of $109.42 billion, up 16.4% YoY, with EPS of $2.02 beating consensus by 6.80%, the ninth straight upside surprise. iPhone revenue reached $54.25 billion and Services hit $30.74 billion. The stock trades at $315.49, up 34.62% over one year, with a market cap of $4.61 trillion and a trailing P/E near 37.

But Cook flagged that “for September, we expect to pay even higher memory costs.” He further warned supply constraints will affect iPhone, Mac, and iPad. September-quarter gross margin guidance sits at between 47% and 48%, with roughly a point of that from tariff refunds.

Where the Money Went Meeks’s data point is Micron Technology (NASDAQ:MU), the U.S. memory maker riding the same wave that is pinching Apple. Micron shares trade at $1,0001, up 640.4% over one year and 250.8% year to date. Fiscal Q3 revenue reached $41.46 billion, up 345.7% YoY, with gross margin of 84.6%. CEO Sanjay Mehrotra said record results “reflect the strategic value of memory in the AI era.”

Meeks expects the squeeze to persist, forecasting no relief in memory pricing for years. He points capital toward AI data-center names including CoreWeave, Applied Digital, and NVIDIA (we profiled seven suppliers powering that same buildout, from power to cooling, in a free AI infrastructure report). Investors watching today’s launch should keep an eye on the stock, but also on Apple’s next margin commentary.

Contact [email protected] for any questions or corrections.

The first iPhone in 2007 mainstreamed touch-screen technology, years after it was developed. Now Apple is betting its maiden foldable phone can do the same for a format stuck in a niche despite years of efforts from Samsung and Chinese rivals like Huawei.

The foldable iPhone, expected to be unveiled ​at Apple's (AAPL.O) Cupertino headquarters later on Wednesday, marks one of the biggest changes to the flagship device that brings in around half ‌of the company's revenue and has made it a global technology giant.

Despite attracting attention with their large screen size, foldable phones have only secured a single-digit percentage share of the overall global smartphone market due to trade-offs — including inferior cameras, a shorter battery life and an awkward crease at the screen center once the handsets are unfolded.

But analysts have said Apple, known ​for grabbing the second-mover advantage by learning from rivals' mistakes, will likely benefit from supply-chain and technological advances that have made foldables more durable ​and less prone to creasing.

Samsung's (005930.KS) latest Fold 8 device, for instance, features a design that has significantly reduced the crease, ⁠thanks to years of investment in the technology.

Here's a brief timeline of foldables ahead of Apple's event:

EARLY STRUGGLES, BIG SAMSUNG GOOF-UP (2018-2021)
Foldable phone concepts have been around for ​decades, but Chinese display maker Royole is credited with shipping the first such device in 2018. Its FlexPai phone, with a 7.8-inch outward-folding screen, was widely panned ​for clunky software and crude plastic hinges.

Months later, Samsung raised fresh fears about reliability and pricing with the $2,000 Galaxy Fold, the category's first mass-market product. Reviewers, including Marques Brownlee, reported broken screens, with some peeling a protective layer that resembled a screen protector but wasn't in a debacle dubbed "foldgate". Samsung delayed the launch and retrieved all sample devices.

The period also saw competing ​visions over the best shape for a foldable. The Galaxy Fold targeted customers with its inward-folding screen that expanded into a small tablet, while Motorola revived ​its iconic Razr in late 2019 with a clamshell design that folded a normal-size phone in half.

Huawei's Mate X, also released in 2019, folded outward and wrapped a single screen ‌around the ⁠outside of the device, while Microsoft (MSFT.O) in 2020 skipped a flexible screen and joined two separate displays with a hinge in its Surface Duo. The Windows maker has since discontinued the devices.

SLOW MARCH TO MAINSTREAM (2022-2026)
Alphabet-owned Google (GOOGL.O) entered the market in 2023 with its $1,799 Pixel Fold, a passport-shaped device whose wider, shorter screen opened closer to a mini tablet. Meanwhile, Samsung and its Chinese rivals delivered steady improvements to foldables until the next big leap arrived in 2024 with tri-folds.

Huawei launched the first ​such device in September that year at $2,800, ​which could fold three ways like ⁠an accordion and became an instant best-seller. Samsung launched its own multi-folding smartphone in December 2025.

Today, Samsung leads the global foldable phone market with a share of about 40%, followed by Huawei with a 30% share, according to research firm Counterpoint.

The ​passport shape, meanwhile, has become a dividing line.

Google abandoned the design after 2023 while Samsung used it for one ​of its latest devices. ⁠Apple is expected to adopt the shape as it is geared more toward video and other media consumption rather than a taller, book-style phone built for productivity.

The passport shape's wider proportions sit closer to the native aspect ratio of most video, shrinking the black bars that frame footage on taller, book-style devices.

Analysts expect Apple's entry into the ⁠category would ​accelerate its growth, with IDC estimating that foldable phone shipments would increase nearly 30% this year, ​outperforming an estimated decline of nearly 1.4% in non-foldable smartphones.

"Apple's entry will surely increase competition at the premium end. However, foldables are still a very small part of the overall smartphone market, so ​there is room for the category to grow well beyond current volumes," said Tarun Pathak, research director at Counterpoint.

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Newly inaugurated Apple CEO John Ternus posted a cryptic teaser video ahead of Apple's product launch on Thursday. Michael Buckner/Variety via Getty Images John Ternus is stoking the hype.

The recently inaugurated Apple CEO took to X on Wednesday to post a cryptic, 14-second teaser video ahead of the company's hotly anticipated launch event this afternoon.

In the short clip, a small spotlight shines down on a dome-shaped, slightly translucent orb that X users speculated could be anything from an iPhone camera to an Apple-branded flashlight.

The teaser, the first of its kind for Apple, which typically doesn't publicize its product launches in such amorphous ways, signals a possible new, more glitzy direction Ternus intends to take the company.

Ternus officially replaced Tim Cook as CEO on September 1. Formerly a products guy, Ternus has represented Apple in numerous public speaking appearances and helped design the AirPods, among other products.

Recently, the ambiguous teaser video has become a popular method for tech companies to garner publicity for upcoming product launches. This summer, Samsung previewed a new line of foldable phones with a video of someone cutting a pizza.

Apple is widely expected to unveil a foldable iPhone during Wednesday's launch.

Business Insider is set to live blog the launch event from gavel to gavel. Check back on the website at 1 p.m. ET for more updates.

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Truman Dickerson is the Weekend News Fellow at Business Insider, based in New York City. He covers trending tech and business news. He previously reported for The Boston Globe's Express Desk. He graduated from Boston University, where he served as editor in chief of The Daily Free Press, BU's student-run newspaper.Contact him at [email protected]

Apple iPhone Tim Cook More

Apple's new CEO John Ternus faces his first real test before he has even settled in, as customers weigh whether to absorb two price increases inside two weeks or simply sit out the upgrade cycle entirely.

Apple (NASDAQ:AAPL | AAPL Price Prediction) is asking customers to pay more on two fronts inside a fortnight, and the second raise arrives today. Apple stock trades at $316.06, down 0.1% in Wednesday morning trading, and it’s up 17% year to date.

Two broad benchmarks are drifting alongside the launch. The SPDR S&P 500 ETF Trust (NYSEARCA:SPY) trades at $763.94, down 0.3%. Meanwhile, the Invesco QQQ Trust (NASDAQ:QQQ) sits at $718.29, practically unchanged.

Two Price Hikes in Two Weeks Apple raised the U.S. Apple TV subscription to $14.99 a month from $12.99, per a MacRumors report dated August 28. Today’s product event is expected to widen the hardware ask, with CNBC’s MacKenzie Sigalos reporting the Street looks for like-for-like iPhone price increases of $200 to $500 versus comparable iPhone 17 models.

Former CEO Tim Cook had framed the hardware repricing as forced by supply-chain math on Apple’s fiscal Q3 2026 call, saying Apple “reluctantly raised prices” because of a “100-year flood on the memory pricing.” Apple posted revenue of $109.42 billion, up 16.4% year over year, with iPhone revenue of $54.3 billion and Services of $30.7 billion.

The Bundle Took a Raise, Too The streaming increase didn’t travel alone. Apple One Individual went to $21.95 a month from $19.95 on the same day, since the bundle carries Apple TV inside it. Apple One Family and Apple One Premier held steady that day, but only because both had already been raised in July alongside an Apple Music increase. Read across the summer and the count isn’t two price increases in a fortnight. It’s a rolling sequence that started well before the September event, with Apple One Individual the last plan to get pulled up to the new line.

The Apple TV ladder is steeper than the single step suggests. The service launched in 2019 at $4.99 a month. It moved to $6.99 in 2022, to $9.99 in 2023, to $12.99 in 2025, and now to $14.99, with the annual plan going to $119 from $99. That’s four increases against one launch price, and the U.S. wasn’t alone: Brazil, Chile and Mexico were repriced the same day, while every other market was left untouched.

The revenue lands on a delay, which matters for how fast any of this reaches the Services line. New subscribers pay the higher rate immediately, while existing subscribers are notified roughly a month before their renewal bills at the new price. That gap is also the window in which cancellations happen, so the increase gets tested by subscribers before it gets counted by Apple. Whether it holds is Ternus’s problem, not Cook’s.

Streaming Peers Face the Same Playbook Netflix (NASDAQ:NFLX) says its own hikes are landing well. Netflix Q2 2026 revenue reached $12.56 billion, up 13.4%, and Greg Peters stated “our recent price adjustments are going well on the pricing side.” Netflix stock is down 18% year to date.

Walt Disney (NYSE:DIS) leaned on the same lever, with Entertainment SVOD subscription revenue growing 15% in fiscal Q3 2026 on rate and volume. Spotify Technology (NYSE:SPOT) crossed 300 million Premium subscribers with ARPU up 7% to $5.63. Disney shares are down 8.27% year to date, and Spotify shares are down 8.93%.

What Ternus Inherits John Ternus stepped in as Apple’s chief executive on August 31, which means the streaming raise and the memory-cost reasoning both belong to Cook. What Ternus owns is execution: whether customers absorb a second increase inside two weeks or hold their current iPhone for another cycle.

Apple stock carries a P/E ratio of 41x and a market cap near $4.61 trillion, so pricing follow-through matters for the multiple. Investors can size their positions with room to add if the hardware bump sticks and its gross margin holds inside the guided 47% to 48% September-quarter range. Shareholders may want to keep an eye on whether iPhone upgrade rates cool after a $200 to $500 like-for-like step up.

Contact [email protected] for any questions or corrections.

Blankinship & Foster LLC decreased its position in Apple Inc. (NASDAQ:AAPL – Free Report) by 37.9% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 18,159 shares of the iPhone maker’s stock after selling 11,102 shares during the quarter. Apple makes up approximately 1.1% of Blankinship & Foster LLC’s portfolio, making the stock its 11th largest holding. Blankinship & Foster LLC’s holdings in Apple were worth $5,254,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. First National Bank of Hutchinson raised its position in shares of Apple by 24.6% during the fourth quarter. First National Bank of Hutchinson now owns 35,319 shares of the iPhone maker’s stock valued at $8,845,000 after buying an additional 6,982 shares during the last quarter. Eagle Capital Management LLC raised its holdings in Apple by 0.5% in the 4th quarter. Eagle Capital Management LLC now owns 54,085 shares of the iPhone maker’s stock valued at $13,544,000 after acquiring an additional 272 shares in the last quarter. Brighton Jones LLC lifted its position in shares of Apple by 14.8% in the 4th quarter. Brighton Jones LLC now owns 537,314 shares of the iPhone maker’s stock worth $134,554,000 after acquiring an additional 69,207 shares during the period. Revolve Wealth Partners LLC grew its holdings in shares of Apple by 4.2% during the 4th quarter. Revolve Wealth Partners LLC now owns 66,857 shares of the iPhone maker’s stock worth $16,742,000 after purchasing an additional 2,695 shares in the last quarter. Finally, Highview Capital Management LLC DE increased its position in shares of Apple by 2.4% during the fourth quarter. Highview Capital Management LLC DE now owns 50,264 shares of the iPhone maker’s stock valued at $12,587,000 after purchasing an additional 1,155 shares during the period. 67.73% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth A number of analysts recently weighed in on AAPL shares. Oppenheimer reissued a “market perform” rating on shares of Apple in a research note on Friday, July 31st. Wedbush reaffirmed an “outperform” rating and issued a $400.00 target price on shares of Apple in a research note on Friday, June 5th. China Renaissance cut shares of Apple from a “buy” rating to a “hold” rating and set a $280.00 price objective on the stock. in a research note on Tuesday, August 4th. Citigroup reiterated a “buy” rating and set a $365.00 target price (up from $315.00) on shares of Apple in a research report on Monday, July 13th. Finally, Robert W. Baird increased their price target on Apple from $310.00 to $330.00 and gave the company an “outperform” rating in a research note on Friday, July 24th. One analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, twelve have given a Hold rating and four have given a Sell rating to the stock. According to MarketBeat.com, Apple has a consensus rating of “Moderate Buy” and an average target price of $331.53.

Read Our Latest Stock Analysis on Apple Apple Stock Performance Shares of Apple stock opened at $316.22 on Wednesday. The company has a market capitalization of $4.61 trillion, a PE ratio of 36.26, a PEG ratio of 2.77 and a beta of 1.08. Apple Inc. has a 12 month low of $225.95 and a 12 month high of $344.57. The company has a current ratio of 1.00, a quick ratio of 0.93 and a debt-to-equity ratio of 0.66. The stock’s fifty day simple moving average is $316.95 and its 200 day simple moving average is $291.35.

Apple (NASDAQ:AAPL – Get Free Report) last posted its earnings results on Thursday, July 30th. The iPhone maker reported $2.02 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.89 by $0.13. Apple had a return on equity of 135.46% and a net margin of 27.62%.The business had revenue of $109.42 billion during the quarter, compared to analysts’ expectations of $109.04 billion. During the same period in the prior year, the business earned $1.57 EPS. Apple’s revenue for the quarter was up 16.4% compared to the same quarter last year. On average, research analysts predict that Apple Inc. will post 8.74 EPS for the current year.

Apple Dividend Announcement The business also recently announced a quarterly dividend, which was paid on Thursday, August 13th. Investors of record on Monday, August 10th were paid a $0.27 dividend. The ex-dividend date of this dividend was Monday, August 10th. This represents a $1.08 dividend on an annualized basis and a yield of 0.3%. Apple’s dividend payout ratio is presently 12.39%.

Apple News Summary Here are the key news stories impacting Apple this week:

Positive Sentiment: Apple is expected to introduce its first foldable iPhone, alongside the iPhone 18 Pro and Pro Max. Morgan Stanley estimates the foldable could ship about 6.5 million units in the December quarter and generate approximately $14 billion in revenue, creating a potentially significant new growth category. Apple’s foldable iPhone could add $14 billion Positive Sentiment: Bank of America maintained a Buy rating and a $380 price target, anticipating a roughly $2,099 foldable model and higher prices for the iPhone 18 Pro lineup. Premium pricing could support revenue and margins if demand holds. Apple’s Wednesday event and Bank of America’s price target Positive Sentiment: Apple’s acquisition of Sonera Magnetics, a company developing non-invasive neural-signal sensors, could strengthen its long-term health, wearable and human-computer-interface ambitions. The deal was completed in May but became public through a European Commission notice. Apple Purchases Neural Signal Sensor Company Sonera Neutral Sentiment: The launch is also the first major keynote for new CEO John Ternus. Investors will look for evidence that his leadership can accelerate hardware innovation while addressing Apple’s perceived artificial-intelligence shortcomings. Apple’s New CEO Has a Hardware Event and an AI Problem Neutral Sentiment: Historical analysis suggests Apple stock often has a muted or mixed reaction after major iPhone reveals, increasing the risk that strong results are already reflected in the valuation. Berkshire Hathaway’s continued large Apple position provides a supportive long-term signal but is not a near-term catalyst. How Apple stock usually reacts to big iPhone reveal events Negative Sentiment: AI data-center demand is diverting premium memory capacity away from smartphone components, potentially raising Apple’s costs and pressuring iPhone margins. AI diverts memory from phones Negative Sentiment: Huawei and Xiaomi have launched premium foldables ahead of Apple, raising competitive pressure—particularly in China. Analysts also warn that the stock could experience a “sell-the-news” reaction because expectations and valuation are high. Huawei launches a tri-fold smartphone ahead of Apple Insider Transactions at Apple In other Apple news, SVP Jennifer Newstead sold 1,439 shares of the business’s stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $317.01, for a total value of $456,177.39. Following the sale, the senior vice president owned 35,790 shares in the company, valued at approximately $11,345,787.90. The trade was a 3.87% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Ben Borders sold 116 shares of the firm’s stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $295.14, for a total transaction of $34,236.24. Following the transaction, the insider directly owned 38,713 shares of the company’s stock, valued at $11,425,754.82. This represents a 0.30% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders have sold 5,872 shares of company stock valued at $1,823,201. Corporate insiders own 0.06% of the company’s stock.

About Apple (Free Report)

Apple Inc is a technology company that designs, develops and markets consumer electronics, software and digital services. Its principal products include the iPhone, Mac computers, iPad tablets, Apple Watch, AirPods and other accessories. The company also develops operating systems and applications that support its hardware products.

Apple’s services business includes the App Store, Apple Music, Apple TV, Apple Arcade, Apple Fitness+, Apple News+, Apple Pay and iCloud. These services provide digital content, payments, cloud storage and subscription offerings across the company’s ecosystem of devices.

Founded in 1976, Apple is headquartered in Cupertino, California, and serves consumers, businesses, educational institutions and government customers worldwide.

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Apple is preparing for its biggest product event in years on Wednesday, but investors tempted to buy before the unveiling may want to look beyond the excitement surrounding what is expected to be its first foldable iPhone.

The event begins at 1:00 PM ET and will be the first product launch led by CEO John Ternus, who succeeded Tim Cook on September 1.

Apple stock NASDAQ:AAPL fell 1.2% to $316.22 on Tuesday but remains up about 16% this year.

Investors expect a new form factor, yet Wall Street is also bracing for higher prices, a rich valuation and a sell-the-news reaction.

Pricing is the most immediate risk as rising memory costs have become a problem across smartphones, and analysts expect Apple to pass at least part of that pressure on to customers.

KeyBanc Capital Markets estimates the iPhone 18 Pro could rise by $150 to $1,249, while the Pro Max could increase by $200 to $1,399. It models the foldable, sometimes referred to as the Fold or Ultra, at $2,199.

Analysts warned that broad increases could trigger “sticker shock” and hurt unit demand. More selective increases could protect volumes but leave investors questioning margins and further hikes.

KeyBanc remains Underweight with a $250 target and views the September 9 launch as a potential negative catalyst.

That creates a difficult first test for Ternus. An impressive foldable may excite consumers, but investors also need to know what Apple is asking them to pay.

Morgan Stanley analyst Erik Woodring estimates that Apple’s foldable iPhone could generate about $14 billion of December-quarter revenue. The bank expects strong initial demand, constrained supply and 7 million to 8 million builds in the second half of 2026.

But high revenue does not automatically mean Apple has created a large new market.

MoffettNathanson analyst Craig Moffett raised his Apple target to $304 while keeping a Neutral rating.

Speaking on CNBC, Moffett said most foldable sales could represent cannibalisation because buyers are likely to come from Apple’s existing ecosystem rather than new customers.

If a Pro Max customer switches to a more expensive foldable, Apple can lift average selling prices without expanding its user base.

The market therefore needs evidence that the device can create incremental demand, shorten upgrade cycles or deepen spending, rather than reshuffle premium iPhone sales.

The final problem is expectations, as Apple stock has gained about 18% in 2026, meaning investors are approaching the event with substantial optimism reflected in the stock.

History offers little reassurance. KeyBanc said Apple shares have averaged a 0.72% decline on iPhone announcement days over the past five years and a 1.22% decline five trading days later.

Morgan Stanley remains constructive, but its longer-term thesis depends on earnings revisions rather than presentation-night excitement.

Still, the stock needs more than an attractive device.

Pricing must hold without damaging demand, the foldable must create meaningful incremental revenue, and higher component costs cannot overwhelm margins.

That is why buying immediately before tonight’s event could backfire even if Apple delivers what consumers expect.

Bailard Inc. boosted its stake in shares of Apple Inc. (NASDAQ:AAPL – Free Report) by 0.6% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 826,569 shares of the iPhone maker’s stock after acquiring an additional 5,223 shares during the quarter. Apple accounts for 4.9% of Bailard Inc.’s holdings, making the stock its 2nd largest position. Bailard Inc.’s holdings in Apple were worth $239,176,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently bought and sold shares of the stock. Vanguard Group Inc. boosted its holdings in Apple by 1.9% during the fourth quarter. Vanguard Group Inc. now owns 1,426,283,914 shares of the iPhone maker’s stock worth $387,749,545,000 after buying an additional 26,856,752 shares in the last quarter. State Street Corp grew its holdings in Apple by 1.1% in the fourth quarter. State Street Corp now owns 604,056,505 shares of the iPhone maker’s stock valued at $164,218,801,000 after purchasing an additional 6,555,392 shares during the period. Geode Capital Management LLC increased its position in shares of Apple by 0.5% in the fourth quarter. Geode Capital Management LLC now owns 358,032,517 shares of the iPhone maker’s stock valued at $97,031,587,000 after buying an additional 1,866,103 shares in the last quarter. Morgan Stanley increased its position in shares of Apple by 0.6% in the fourth quarter. Morgan Stanley now owns 230,483,035 shares of the iPhone maker’s stock valued at $62,659,118,000 after buying an additional 1,379,651 shares in the last quarter. Finally, Norges Bank acquired a new position in shares of Apple during the 4th quarter worth approximately $52,266,468,000. 67.73% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Apple In related news, SVP Jennifer Newstead sold 1,439 shares of the firm’s stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $317.01, for a total value of $456,177.39. Following the sale, the senior vice president owned 35,790 shares of the company’s stock, valued at $11,345,787.90. This trade represents a 3.87% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Ben Borders sold 116 shares of the firm’s stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $295.14, for a total value of $34,236.24. Following the completion of the sale, the insider owned 38,713 shares in the company, valued at approximately $11,425,754.82. This represents a 0.30% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 5,872 shares of company stock valued at $1,823,201 in the last three months. 0.06% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades A number of brokerages have recently issued reports on AAPL. Evercore reiterated an “outperform” rating on shares of Apple in a research report on Tuesday, August 25th. Royal Bank Of Canada set a $365.00 target price on shares of Apple in a research note on Wednesday, July 15th. Maxim Group reissued a “buy” rating and issued a $350.00 price target (up from $310.00) on shares of Apple in a research note on Tuesday, June 9th. JPMorgan Chase & Co. cut their price target on Apple from $345.00 to $340.00 and set an “overweight” rating for the company in a report on Friday, July 31st. Finally, Seaport Research Partners lowered Apple from a “buy” rating to a “neutral” rating in a report on Monday, August 17th. One investment analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, twelve have given a Hold rating and four have issued a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $330.61. Get Our Latest Analysis on Apple

More Apple News Here are the key news stories impacting Apple this week:

Positive Sentiment: Apple is expected to unveil its first foldable iPhone, alongside the iPhone 18 Pro and Pro Max, at John Ternus’s first major keynote as CEO. Analysts at Morgan Stanley estimate the foldable could represent a roughly $14 billion revenue opportunity if Apple can stimulate premium-device demand. Apple Faces Its Biggest iPhone Test in Years Positive Sentiment: Recent iPhone sales growth of more than 20% for three consecutive quarters, a large installed base and potential on-device artificial-intelligence features provide a favorable backdrop for the launch. Apple’s higher Apple TV and Apple One prices could also support Services revenue and margins. Apple’s New Mac Mini and Studio Bet Big on On-Device AI Neutral Sentiment: The leadership transition from Tim Cook to John Ternus is placing additional importance on Wednesday’s event. Investors are looking for evidence that Ternus can maintain Apple’s long-term innovation and shareholder-return record while emphasizing hardware development. Tim Cook Delivered a 2,720% Total Return Neutral Sentiment: Apple’s broad ecosystem and substantial cash generation remain important supports for the investment case, but the stock’s premium valuation means the market may already be pricing in a successful product cycle and strong demand. Negative Sentiment: KeyBanc warned that rising memory and component costs could force Apple to raise prices. Broad price increases could cause “sticker shock” and reduce unit volumes, while selective increases could pressure gross margins. KeyBanc Delivers Stark Warning on Apple Stock Negative Sentiment: Huawei and Xiaomi have introduced premium foldable devices ahead of Apple’s launch, intensifying competition—particularly in China, an important but challenging market for Apple. Huawei’s tri-fold Mate XT2 raises the bar on design and pricing. Huawei Unveils New Tri-Fold Smartphone Negative Sentiment: Apple faces a costly execution test: a premium foldable near $2,000 must generate meaningful incremental demand without weakening margins or cannibalizing existing iPhone sales. Disappointing specifications, pricing or guidance could weigh on the shares after the event. Apple Stock Performance NASDAQ AAPL opened at $319.97 on Tuesday. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.00 and a quick ratio of 0.93. The stock has a market capitalization of $4.67 trillion, a P/E ratio of 36.69, a PEG ratio of 2.77 and a beta of 1.08. The firm’s 50-day moving average is $316.41 and its two-hundred day moving average is $290.98. Apple Inc. has a 12 month low of $225.95 and a 12 month high of $344.57.

Apple (NASDAQ:AAPL – Get Free Report) last released its quarterly earnings results on Thursday, July 30th. The iPhone maker reported $2.02 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.89 by $0.13. Apple had a net margin of 27.62% and a return on equity of 135.46%. The business had revenue of $109.42 billion for the quarter, compared to the consensus estimate of $109.04 billion. During the same period in the previous year, the firm earned $1.57 EPS. The business’s revenue was up 16.4% on a year-over-year basis. On average, sell-side analysts anticipate that Apple Inc. will post 8.74 earnings per share for the current year.

Apple Announces Dividend The company also recently announced a quarterly dividend, which was paid on Thursday, August 13th. Shareholders of record on Monday, August 10th were given a $0.27 dividend. This represents a $1.08 annualized dividend and a yield of 0.3%. The ex-dividend date of this dividend was Monday, August 10th. Apple’s payout ratio is currently 12.39%.

Apple Company Profile (Free Report)

Apple Inc (NASDAQ: AAPL) is a multinational technology company headquartered in Cupertino, California, founded in 1976 by Steve Jobs, Steve Wozniak and Ronald Wayne. The company designs, develops and sells consumer electronics, software and services. Over its history Apple has evolved from personal computers to a broad portfolio that spans mobile devices, wearables, home entertainment and digital services.

Apple’s principal hardware products include the iPhone smartphone, iPad tablet, Mac personal computers, Apple Watch wearable devices and a range of accessories such as AirPods and HomePod.

Featured Stories Five stocks we like better than Apple 3 Under-the-Radar Defense Stocks With Record Backlogs This Korea ETF Has Soared, But the Rally May Not Be Over Why Guidewire’s Post-Earnings Plunge May Not Last Ride-Share Reckoning: Tesla Drives Into Uber’s Lane Want to see what other hedge funds are holding AAPL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Apple Inc. (NASDAQ:AAPL – Free Report).

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Apple Inc (NASDAQ:AAPL, XETRA:APC) is set to unveil its first foldable iPhone alongside a refreshed Pro lineup, in John Ternus's first major product launch as CEO.

The event, dubbed "Surprise and shine," is scheduled for Wednesday at 1pm ET. Media reports cited in the note indicate the foldable iPhone, which could be named Fold or Ultra, will start at $2,099 for the base configuration, making it Apple's most expensive iPhone to date.

Apple is expected to unveil three new iPhones at the event: an updated 18 Pro and Pro Max with a 2nm A20 Pro chip and camera upgrades, plus a book-style foldable with dual OLED displays, 12GB RAM and up to 2TB storage, all running iOS 27.

The iPhone 18 Pro and Pro Max could see price increases of $150 to $200 due to elevated memory and storage costs.

BofA analysts said the key focus for investors will be the foldable iPhone, potentially meaningful price increases across the Pro line, and Apple's decision to shift its lower-priced iPhone 18 models to spring 2027.

Analysts highlighted strong capital returns, the company's position as an eventual leader in AI at the edge, and optionality from new products.

The base iPhone 18, iPhone 18 Air and iPhone 18e are reportedly planned for spring 2027 rather than the holiday period, a shift BofA described as a meaningful change from Apple's historical launch cadence. The bank said this would leave only premium new models available during the holiday selling season.

BofA sees the split launch as potentially supportive of mix and average selling prices, though it noted a risk that price-sensitive consumers could defer upgrades until the lower-priced models arrive.

BofA also pointed to a pattern of "sell the news" reactions in Apple shares following past launch events, with a modest pullback typically followed by a recovery over the subsequent 30 to 60 days. The bank said this year's investor reaction will likely hinge on the size of the price increases, adoption of Siri AI features, and management commentary on foldable demand.

BofA said Apple could also use the event to launch the Apple Watch Series 12 and/or Ultra 4, and AirPods 5, and may preview or launch additional smart-home products, including an updated Apple TV 4K and HomePod mini.

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Apple is expected to unveil its first foldable iPhone and new iPhone 18 Pro models Wednesday, but history suggests Apple stock could have a muted reaction.

Apple has added sensor technology company Sonera to its list of acquisitions. The deal actually happened in May, per a notice on the European Commission website flagged in a report Tuesday (Sept.

Apple is gearing up for one of its biggest product launches in years, with the company expected to unveil its first foldable iPhone, a device that has been a decade in the making and which could cost as much as $2,199. Bloomberg's Mark Gurman explains how it marks the biggest design change to the iPhone in nearly twenty years.

Bloomberg's Mark Gurman said that the foldable phone expected to be announced by Apple this week has been 'a long time coming' for the company after Tim Cook took inspiration from similar phones he saw on a 2020 trip to Asia. Gurman said that the stakes for Apple's new product releases are high because every issue a new product has could be detrimental to the brand and its reputation.

Apple's newest CEO walked into the top job with a $55 million equity target and eight days to prepare before stepping onto the keynote stage to pitch the most expensive iPhone the company has ever attempted to sell.

This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

Apple’s board built new chief executive John Ternus a pay structure that only compounds if consumers absorb the boldest iPhone pricing test in a decade. On Wednesday, September 9, eight days into the job, he steps onto the Cupertino keynote stage to sell it.

Apple (NASDAQ:AAPL | AAPL Price Prediction) disclosed the package in a Form 8-K/A filed with the SEC. Per Fortune, Ternus received a $3 million salary, a $2.5 million prorated restricted-stock grant for the balance of fiscal 2026, and a fiscal 2027 annual equity award with a target value of $55 million. Three-quarters of the annual award vests on Apple’s total shareholder return relative to the S&P 500; the rest vests 12.5% every six months over four years. Tim Cook, staying on as executive chair, saw his salary cut from $3 million to $2 million and received a $45 million target equity award.

Selling a $2,400 Foldable on Day Eight The keynote is expected to unveil the foldable iPhone Ultra starting near $2,400, with higher-storage versions potentially exceeding $3,000. Supply is thin: production is limited to a few hundred units daily, with shipments potentially delayed until October or early November. Morgan Stanley models 6.5 million units generating roughly $14 billion in December-quarter revenue. Pro models get the A20 Pro chip and are expected to run $200 to $500 higher than iPhone 17 counterparts, the most aggressive iPhone pricing cycle in nearly a decade.

Ternus inherits a company already stretching pricing. On the fiscal Q3 2026 call, Cook framed recent hikes as forced:

“On the pricing front, we reluctantly raised prices, I would say. We did it because we’re in what I would characterize as a 100-year flood on the memory pricing with exponential increases in memory prices.”

CFO Kevan Parekh said memory alone drove the sequential margin move, adding that “more than 100% of that can be explained by the memory cost change that Tim outlined.”

Saturday’s Preorder Window Is the Verdict CNBC’s MacKenzie Sigalos framed the handoff on Fast Money: “Tim Cook may be giving up the CEO title, but he’s not really leaving Apple. As Executive chairman… Cook is expected to stay heavily involved… serving as Apple’s diplomat in chief.” Ternus, she added, “is a hardware engineer who spent his career building Apple products” and now inherits “what could be the company’s biggest hardware cycle in more than a decade.”

The fundamentals give Ternus cushion. Fiscal Q3 revenue reached $109.42 billion, up 16.36% YoY, with EPS of $2.02 extending a nine-quarter beat streak. Shares are up 32.9% over one year and 16.3% year-to-date at $316.22. At a P/E of 42 and a $4.61 trillion market cap, execution is priced in. Preorders open Saturday. That window is the first falsifiable read on whether a $2,400 iPhone, and a $55 million equity target, will be funded by consumers.

Contact [email protected] for any questions or corrections.

I’ve spent the better part of two years writing that Apple Intelligence wasn’t at all that, that a smarter Siri was a promise on a slide and that the engine that made Apple one of the most valuable companies in the world was losing torque.

Not the iPhone itself. The economics wrapped around it.

Read More: Apple’s $10B AI Crisis. 3 Bold Moves To Reinvent Its Future.

The App Store commission is under legal and regulatory pressure on four continents, and the Supreme Court takes up the Epic case next month. The roughly $20 billion Google pays for the Safari search default survived the recent antitrust ruling, but the exclusivity is gone, the contract now has to be rebid every year and the DOJ is appealing to kill the payments outright. AI chatbots are making that default worth less every month anyway. The NFC chip is open to rivals. And the AI Apple promised in 2024 finally shipped in 2026 with Google’s Gemini models underneath it.

And it’s still not that smart.

How does Apple’s AI strategy become a business?

None of that’s shown up in the numbers yet. Tim Cook’s last quarter as CEO was a barn burner with $109.4 billion in revenue, up 16%. iPhone up 22%. Services at $30.7 billion. More than 1.5 billion paid subscriptions. The stock dropped 6% anyway.

That’s because investors weren’t reacting to the quarter. They were reacting to the absence of an answer to the question Ternus now owns.

How does Apple’s AI strategy become a business?

What We Already Know About Surprise and Shine Here’s the consensus rundown from the people who already cover Apple for a living.

We will see three iPhones, all pricey. The iPhone 18 Pro, the 18 Pro Max and Apple’s first foldable, expected to be called the iPhone Ultra. The price points start somewhere near $2,000 and go even higher for the primo brands. Good thing they’ve activated Buy Now, Pay Later.

The standard iPhone 18 and the cheaper 18e don’t show up until spring 2027. Prices on the Pros are expected to go up, blamed on memory shortages. Under the hood there’s a lot of engineering magic including Apple’s own C2 modem with satellite 5G and a variable-aperture camera.

Beyond the phones, there’s wearables. The Apple Watch Series 12 and Ultra 4. And rumors of AirPods with cameras that feed what they see into Siri. (Side note: For a brand that’s all about privacy, can someone explain how AirPods that record everything they see and hear without permission meet that requirement? Should I now cross the street when I see someone with AirPods?) Possibly the long-rumored smart home hub, hopefully more usable than the unusable Home Pod, a new Apple TV and an updated HomePod mini. See earlier comment. The ship dates for iOS 27, which is the release that puts Gemini under Siri and lets users pick which third-party model powers Apple Intelligence features, is reported by some to be September 14.

What does that lineup say about the business beyond the device?

Now, if you read that list as nothing but a hardware extravaganza, you’d be correct. An almost over-the-top one, in fact, run by the best hardware executive Apple has. The foldable is the first new form factor since the iPhone X. The camera AirPods are an innovative alternative to smart glasses, if that’s your thing. Ternus will be in his element.

But poke a little more and here’s what I believe that lineup says about the business beyond the device.

Read More: Apple’s New CEO Inherits an AI Strategy Built on Outsiders

Apple is skipping the mainstream iPhone this fall and leading with three phones that cost more than a laptop. It’s raising prices on the models it’s shipping. That’s what you do when unit growth is behind you, and you need more dollars per customer from an installed base that isn’t getting much bigger. Remember, Apple no longer reports on units sold, it reports on sales made. So, pay no attention to the man behind the curtain jacking up the prices of iPhones, they hope. Ignore the margin strategy dressed as a cool new product strategy.

And the AI in the room is Google’s with options.

So, the event will answer fully the question, “what are Apple’s latest device moves?” It won’t answer the one that matters, or at least not as advertised so far.

The Device Still Decides, but Only While Apple Is the One Deciding for it. I wrote this in June and I’ll stand behind it. The device determines the defaults, the defaults determine the distribution, the distribution determines the usage and the usage determines the revenue.

Read More: The AI You’re Given vs. the AI You Chose

That chain has been Apple’s whole business model since 2008. It only holds while Apple controls what sits in the default slot. Look at what’s changed though. Siri now runs on Gemini. It’s worth being precise about what that means. Apple didn’t put the Gemini chatbot on the iPhone. It licensed Google’s Gemini models to run underneath Siri and Apple Intelligence, inside Apple’s privacy wrapper, with the Apple name on the front.

Siri is renting someone else’s brain.

The deal isn’t exclusive, and ChatGPT may stay opt-in for certain complex queries. iOS 27 lets users choose which third-party model powers Apple Intelligence features, with Apple refusing responsibility for what those models produce. The outcome is the same either way. Siri is renting someone else’s brain and hoping iPhone users love it as much as Android users love the Gemini chatbot. PYMNTS Intelligence data shows ChatGPT is the preferred AI on iOS by 10 percentage points over Android. iPhone users didn’t wait for Apple and Siri to get smarter. They found something they liked better.

Read More: Why OpenAI, Amazon and Apple Want to Be the Smartphone in Your Pocket

So, the first thing I’d love to hear from Ternus is what Apple owns in the AI layer. The chip, yes. The privacy story, yes, but with the camera AirPods, it can get a little muddy. But when the model belongs to Google, the assistant people actually open belongs to OpenAI, and the phone is the enabler, “we make the best hardware” is a description of the past, not a strategy for the next decade.

How About a Revenue Model, Not a Feature List On his final call, Cook floated the idea that heavy Siri users might “buy up the stack” on iCloud+.

A meaningful and growing slice of its App Store commission is on other people’s AI.

A $2,000-plus foldable is a revenue model, but it’s the old charge-more-for-the-product one. What I want to hear is who pays Apple for AI and what they pay for. Services is the real beachhead now, bigger than Mac, iPad and Wearables combined. A meaningful and growing slice of its App Store commission is on other people’s AI. ChatGPT alone generated $1.35 billion in App Store revenue in 2025. Regulators are working to route around that commission. So are the apps. Ternus needs a plan for Services growth that doesn’t depend on a toll booth everyone is building a bypass for.

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Wallet Should Be the Agent’s Front Door, and it Isn’t Yet This is the one I care about most, and the one I expect to hear the least about, especially as October marks year twelve since the launch of Apple Pay. Nobody’s rumor roundup mentions the Wallet at all.

In agentic commerce, I’ve written that top-of-wallet becomes top-of-agent. Whoever holds the credential the agent uses holds the relationship, the data and a claim on the economics.

Read More: The Next Battle in Credit Won’t Be for Top of Wallet

The WWDC gave the Wallet camera-based bill splitting and a way to digitize a paper ticket. Wow, but not agentic. Now Apple is said to be putting cameras in AirPods and a hub in the kitchen. Those are exactly the end points where an agent would act on the consumer’s behalf, and there’s no sign Apple is connecting them to the credentials it already holds.

Whoever holds the credential the agent uses holds the relationship, the data and a claim on the economics.

Visa, Mastercard, Google and OpenAI are all working intently to enable agentic payments right now. Apple has a very strong hand to play. I’d like to know whether Ternus sees Wallet as the identity and payments layer for agents acting on behalf of a billion iPhone users, or as a utility app that gets two minutes at the end of a keynote.

Read More: Google’s Agentic Wallet: Is the Fifth Time the Charm?

A Hardware CEO Has to Answer a Bunch of Software Questions Ternus is a product engineer, 25 years at Apple, the person behind the Apple silicon Macs and the Vision Pro. He’s told interviewers Apple never wants to ship junk. That’s a good sign. That instinct, however, went missing when Apple Intelligence launched.

Distribution without a product of your own means you’re a tollbooth for others to pass through.

But the job he’s inherited centers on a question hardware alone can’t answer, and Wednesday’s lineup shows why. Every product on that list is a beautiful place for someone else’s AI to live. AI is becoming a consumer utility, and consumer utilities live on smartphones, earbuds and kitchen counters. Apple has the best distribution in consumer technology to a user base that outspends Google’s. Distribution without a product of your own means you’re a tollbooth for others to pass through. And toll collectors get regulated or disintermediated. The Steve Jobs comparison is about amazing products. The problem Ternus has is a platform problem.

Read More: Apple Pay @11: Usage is Up, but Competitors Are Gaining Ground

What We Should All Listen for During the Surprise and Shine Keynote The hardware innovations will be covered by everyone. These are the five things that will shape my view of Apple after the applause has ended and Ternus walks off stage.

Does he talk about Apple’s AI or AI on Apple? The first means Apple has something it owns. The second means it’s a distributor with a great case. Does Siri get a business model or a demo? Gemini-powered Siri on a foldable will demo beautifully. A demo, though, is table stakes. Does Wallet get real airtime? Anything about agents, credentials or acting on the user’s behalf is the signal. If Wallet is absent from a keynote that introduces camera earbuds and a home hub, that tells you where it sits on the priority list. What does he say about Google? Google is now Apple’s AI supplier and its largest single Services customer through the search deal. That’s a dependency on a competitor, twice over, and the AirPods make it a smart wearable without the need for glasses. How does he justify the prices? Besides giving consumers credit to pay for it over time, higher prices on fewer models is a choice. Listen for whether he frames it as value from AI or as value from better hardware and cameras. The first would be new. The second is Cook’s playbook with a new presenter. Ternus has a clean slate, a record quarter, a folding phone and a committed installed base who lives inside the Apple ecosystem. What he doesn’t get is another two years of promises. Investors already priced those in. And judging by last quarter’s reaction, they didn’t like the math very much.

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The iPhone has not changed much since Apple introduced it in 2007. Whether it has slimmed down, rounded out its edges or shed its home button, the iPhone has always been a rectangular piece of glass on top of a glass or metal back.

But on Wednesday, at its annual product event in Cupertino, Calif., Apple is expected to introduce its most significant change to the iPhone’s design, unveiling a foldable smartphone with a bendable display that opens and closes like a book, according to three people familiar with the work who spoke on the condition of anonymity.

Apple’s new phone will test its ability to take niche products and technology into the mainstream. Foldable smartphones started becoming commercially available in 2018 but still make up only a tiny slice of the smartphone market.

The product event will also be a test of whether John Ternus, who took over as Apple’s chief executive last week, can breathe new life into Apple’s products and the splashy events that announce them.

A decade ago, the launch of a new iPhone was a showy live event, with enthusiastic crowds and popular music acts. But in recent years, the fall product launch has been a more low-key marketing showcase, with most product demonstrations done in recorded videos.

Now, Mr. Ternus faces the tricky task of restoring some of that pizazz, after inheriting a company that has faced years of criticism that it has lost its touch as an innovator, and that its products have become stale.

“The company has done incredibly well, but at the end of the day, they haven’t created new categories” of products, said Bob O’Donnell, the founder of TECHnalysis Research, a research firm. A foldable iPhone, he added, would show “a side of Apple that we haven’t seen in a long time.”

Apple declined to comment on the event. Multiple news publications have reported on Apple’s work on a foldable iPhone, including Bloomberg.

Apple typically is not the first with a new product idea. But when it does something, its fans say, it creates a gadget with more polish, better marketing and a nearly unmatched ability to deliver millions of that product in a hurry. A foldable iPhone — even with its expected price of at least $2,000 — could be another example of that.

Some of the earliest foldable smartphones were expensive and had software and durability problems. In 2019, Samsung introduced the Galaxy Fold, which folded vertically like a book. In 2020, Motorola introduced the Razr, which folded horizontally like a clam.

In recent years, more consumer electronics companies have started selling them. In 2023, for example, Google introduced the Pixel Fold.

Still, consumer interest has been light. Last year, consumer electronics companies shipped nearly 20 million foldables — or less than 2 percent of all smartphone shipments — according to Counterpoint Research, which tracks smartphone markets.

Next year, Apple is expected to ship more than 12 million foldables — or 5 percent of all iPhone shipments — according to Counterpoint.

The base version of Apple’s device is likely to cost at least $2,000 because its components will be more complex and more expensive, said David Vogt, an analyst at the investment bank UBS. That would make it nearly twice as expensive as the current high-end iPhone, the 17 Pro, which starts at $1,099.

Normally, when Apple launches a new iPhone, the company benefits from “a halo effect,” which occurs when a consumer goes to an Apple Store for an iPhone and then buys AirPods or an Apple Watch in the process, Mr. Vogt said. But that may not happen with a foldable iPhone, with a price tag that could pose “a wallet issue,” he added.

The price of a foldable iPhone — and any other devices introduced at the event on Wednesday, like other iPhones or a new Apple Watch — could also be pushed up by a memory chip shortage created by the artificial intelligence boom. In June, Apple raised the prices of its Macs and iPads, citing the soaring costs of memory and storage chips.

Apple has taken steps to keep consumers buying its devices even as they become more expensive. In July, the company introduced a program that allows consumers to lease iPhones and other devices by making monthly payments.

A foldable iPhone could also reveal how much consumers still care about new features in their devices. Last year, about two-thirds of people who bought iPhones said they had done so because their phones no longer worked or were broken, lost or stolen, according to a survey by Consumer Intelligence Research Partners, a technology research firm. Only 14 percent said they had bought an iPhone for its features.

“Foldables haven’t made that much of a difference” for other companies that make them, said Michael Levin, a partner at Consumer Intelligence Research Partners. So it’s possible that consumers view the foldable iPhone as “gimmicky” or “niche,” he added.

The question for Apple, Mr. Levin said, is: “Why is foldability the feature that makes people want to upgrade?”

AI servers are absorbing premium memory capacity while Apple tries to protect hardware margins. Summary

Memory inflation now threatens a product category supplying nearly half of Apple’s quarterly revenue.

Apple AAPL, the consumer-technology giant, faces a tightening memory crunch as artificial-intelligence data centers swallow an expanding share of global chip capacity. The Verge reported Monday that some smartphone-memory prices have more than quadrupled, with meaningful relief potentially delayed until late 2027 or 2028. Apple shares last closed at $319.97 because U.S. markets were shut Monday.

Samsung, SK Hynix and Micron command roughly 90% of the memory market. Manufacturers can earn more by steering scarce wafer capacity toward the high-bandwidth memory demanded by deep-pocketed AI customers, leaving smartphone producers fighting over conventional DRAM supply. Apple's enormous purchasing power offers leverage, but it cannot manufacture new factories overnight.

The financial stakes are substantial. Apple's latest statements show $54.25 billion of iPhone revenue, representing 49.6% of quarterly sales, while companywide gross margin reached 50.1%. The shares trade 12.35% above the GF Value estimate of $284.79, signaling that investors already expect Apple to defend margins despite rising component costs. Premium models and price increases could absorb part of the pressure, but customers must remain willing to pay more for each upgrade.

Disclosures I/we have no positions in any stocks mentioned, and have no plans to buy any new positions in the stocks mentioned within the next 72 hours.

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Traders on the prediction market Polymarket believe Apple Inc's (NASDAQ:AAPL, XETRA:APC) first foldable iPhone will carry a starting price above $2,000, according to betting data ahead of the company's product launch this week.

The market, titled "Foldable iPhone Announced Price?", has attracted more than $60,000 in trading volume since it opened on September 5.

It assigns an 87% probability that the phone's starting price will be $2,000 or higher, and a 70% chance it will exceed $2,100.

Traders see just a 14% likelihood that the price will reach $2,300 or above, and only a 1% chance it will top $2,400.

The implied consensus places the most likely starting price somewhere between $2,200 and $2,300.

Apple is scheduled to reveal the device at its "Surprise and Shine" event at Apple Park in Cupertino, California, at 10am Pacific time on September 9.

It will be the first product launch overseen by new chief executive John Ternus, who takes the stage to unveil the latest iPhones and Apple Watches.

The foldable iPhone, which could be called the iPhone Ultra, will be Apple's first new form factor since the launch of the 2017 iPhone X.

Leaks suggest a book-style design with an outer display measuring between 5.3 and 5.5 inches and an inner display measuring between 7.6 and 7.8 inches.

Reports point to a titanium frame, an ultra-thin design, and a virtually crease-free display.

It may use Touch ID integrated into the power button instead of Face ID, alongside two front-facing cameras and a dual-camera system on the back.

Most estimates point to a starting price around $1,999, which would make it Apple's most expensive iPhone to date.

Apple will also announce the iPhone 18 Pro and iPhone 18 Pro Max, both using a new A20 Pro chip built on a 2 nanometre process.

There will not be a standard iPhone 18 this year, with Apple reportedly waiting until spring 2027 to launch that more affordable model.

A next-generation Apple Watch Ultra and the Apple Watch Series 12 are also expected at the event.

Prediction markets such as Polymarket let users trade contracts tied to the outcome of real-world events, with prices reflecting the crowd's collective view of the odds.

The accuracy of that wisdom will become clear once Apple takes to the stage on Wednesday.

Apple is expected to unveil its most radical iPhone redesign in years this Wednesday — giving new CEO John Ternus an early test of whether he can reignite innovation at the tech giant during a challenging time.

The Cupertino, Calif.-based company is set to introduce its first-ever foldable iPhone at its annual product showcase, alongside new high-end iPhone 18 models and possible updates to its home and wearable devices, according to reports.

The new tech — rumored to have names like “iPhone Ultra” or “iPhone fold” — is expected to be about the size of a passport when fully folded, with the capacity to fold out to a wider display with a roughly 4:3 aspect ratio.

John Ternus (pictured) took over as Apple CEO from Tim Cook on Sept. 1, ending Cook’s 15 years at the helm. Apple Inc./AFP via Getty Images The foldable would represent a significant departure from the familiar iPhone design and arrives as Apple searches for another breakout hardware success.

Its Vision Pro headset, which debuted to much fanfare in 2024, has yet to connect with consumers.

The launch comes just days after Ternus took over from longtime CEO Tim Cook last Tuesday. The 50-year-old Apple veteran previously ran the company’s hardware division.

He inherited a company facing questions about its artificial intelligence strategy — including a long-delayed overhaul of Siri — and whether it can deliver another blockbuster product as its existing lineup ages.

Whether a new crop of products can meet picky customers’ demands will be one of the main questions in the air on Wednesday.

Apple is expected to unveil its first foldable iPhone on Wednesday, marking what could be the most radical redesign of its flagship device in years. YouTube/Bob Obba Apple may unveil a long-rumored home hub featuring a display and smart-speaker capabilities that would serve as a central control point for connected devices and entertainment, according to Bloomberg.

Updates to the Apple TV and HomePod mini are expected, with new internal hardware designed to accommodate Apple’s revamped AI-powered Siri, the outlet reported.

The company is expected to refresh its wearables, too, with new AirPods and Apple Watch models including the Series 12 and Ultra 4.

Tim Cook stepped down as Apple CEO on Sept. 1 after 15 years leading the tech giant. AP Photo/Annie Mulligan The watches are set to receive chip upgrades aimed at expanding their fitness features without a major exterior redesign.

Apple is also expected to showcase the finished versions of iOS 27, iPadOS 27, macOS 27, watchOS 27 and visionOS 27. The foldable is expected to run an iteration of iOS 27 adapted for its two-display configuration.

Rollouts of the iPhone 18 Pro and iPhone 18 Pro Max are reportedly on the way, too.

Apple is expected to unveil the iPhone 18 Pro and iPhone 18 Pro Max on Wednesday, with upgrades including faster chips and improved cameras. Apple The Pro handsets are expected to feature Apple’s new A20 chip along with camera upgrades, changes to the Dynamic Island and additional color options.

The standard iPhone 18 and a successor to the iPhone Air, however, reportedly won’t arrive alongside the Pro models.

Apple is set to begin splitting its iPhone launches between the fall and the spring, with reveals of the iPhone 18 and new iPhone Air coming in March, according to Fast Company.

One of the biggest questions Wednesday will be what Apple charges for the new lineup.

The company raised prices on iPads, Macs and home products over the summer amid an AI-fueled memory shortage, but spared the iPhone from those increases.

That reprieve is likely to end with the iPhone 18 Pro series, which is expected to carry higher prices than the current models.

Key Takeaways Apple's launch may bring the iPhone Ultra, A20 Pro-powered iPhone 18 Pro models and Siri AI.iPhone sales jumped 22% to $54.3B in fiscal Q3, while Apple's total revenues rose 16% to $109.4B.Supply constraints, rising memory prices and a 33.6x earnings multiple raise near-term risks for AAPL. Apple (AAPL - Free Report) has its product launch event, “Surprise and Shine," on Wednesday. This launch will be special as it's the first under CEO John Ternus, who took over from Tim Cook on Sept. 1 after Cook's nearly 15-year run.

Apple is expected to unveil the iPhone 18 Pro and Pro Max, powered by a new A20 Pro chip built on a 2-nanometer process. Design-wise, these models won't stray far from last year's iPhone 17 Pro, though the Pro Max may get a size and weight bump for a larger battery, per MacRumors. New Apple Watch Series 12 and Ultra 4 models are also expected.

The real talking point is Apple's first foldable phone, rumored to be called the iPhone Ultra. It will fold like a book— about 5.5 inches closed and 7.6 inches open. This would be Apple's biggest design change in years, and it would put the company up against Samsung and Google, who already sell foldable phones. One can expect a high price tag for the foldable phone.

Year to date, shares of Apple have risen 18%, outperforming close peers like Alphabet (GOOGL - Free Report) and Microsoft (MSFT - Free Report) .

YTD Price Performance Comparison Image Source: Zacks Investment Research

With shares having a good run and the launch just ahead, investors may be wondering if now's the time to buy. Let's dig deeper.

AAPL's Business Looks Healthy, But Challenges LoomIn the June quarter, iPhone revenues jumped 22% year over year to $54.3 billion, and total revenues rose 16% to $109.4 billion. Management guided 9% to 11% growth for the September quarter, with iPhone revenue growth in the mid-teens. So, demand isn't the problem.

The real issue is supply and cost. Apple has warned that supply chain constraints are expected to hit iPhone, Mac and iPad availability. The main bottleneck is limited capacity for its most advanced chips, and memory prices are expected to keep climbing. June-quarter gross margin came in at 50.1%, aided by tariff refunds, but management expects that to compress to 47%-48% in the fiscal fourth quarter.

Growth Story Intact, But Stock is PriceyApple's long-term story still looks strong— more devices, more AI features, a growing services business, and steady cash returned to shareholders. All these support growth over time.

The Zacks Consensus Estimate for AAPL’s fiscal 2026 and 2027 EPS implies year-over-year growth of 18% and 8%, respectively.

Image Source: Zacks Investment Research

But the stock isn't cheap. Apple trades at about 33.6 times earnings. Compare that to Alphabet at 20.4 times and Microsoft at 24.7 times. Apple is priced much higher than its rivals.

AAPL's P/E F12M Vs. MSFT & GOOGL Image Source: Zacks Investment Research

Our TakeApple has real reasons for excitement— its first foldable phone, a smarter Siri, and a new CEO trying to make his mark. But the stock is already expensive at current levels, leaving little room for mistakes. Add rising costs and supply shortages, and the risk feels higher than the reward right now. It's smarter to wait and see how the launch plays out before jumping in.

Apple is still a good company to hold for the long run but right now, it's not a “Buy.” The stock carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Apple Inc. will focus its September launch event on the iPhone 18 Pro, Pro Max, and a new foldable iPhone Ultra. New product introductions may include the Home Hub for smart home integration and updates to Apple Watch, iPods, and iOS 27. The upgrade cycle for iPhones is lengthening to 3.2 years, reflecting incremental rather than groundbreaking innovations in recent models.

Apple Inc. (AAPL, Financials) is preparing one of its biggest changes to the iPhone in years. China's smartphone makers are not waiting around for it.Huawei and

Wall Street obsesses over the hyperscalers burning billions on AI infrastructure, but one mega-cap with 2.5 billion active devices keeps getting left out of the conversation, and that oversight may be exactly where the opportunity hides.

Apple (NASDAQ:AAPL | AAPL Price Prediction) rarely gets grouped with the pure-play AI names, but I think that is exactly why it is one of the most interesting AI-adjacent setups in mega-cap tech right now. With over 2.5 billion active devices and a newly unveiled Siri AI running on custom silicon, Apple owns the distribution layer everyone else is trying to reach.

Our 24/7 Wall St. price target for Apple is $363.99 over the next 12 months, pointing to an upside of 11.87% from the current price of $325.81. Our model output skews constructive, with a high confidence reading of 90%.

24/7 Wall St. Price Target Summary Metric Value Current Price $325.81 24/7 Wall St. Price Target $363.99 Upside 11.87% Recommendation BUY Confidence Level 90% A New Era Begins as Cook Hands Over the Reins Apple shares have run hard into this window. AAPL is up 4.91% on the week, 5.34% on the month, 19.92% year to date, and 40.58% over the trailing year. The stock now sits roughly 6% off its 52-week high of $344.27, well above the low of $225.12. Meanwhile, Bloomberg reports Tim Cook delivered a 2,300% stock gain before handing the CEO seat to John Ternus.

The underlying earnings backdrop supports the move. In fiscal Q3 2026, Apple posted revenue of $109.42 billion, up 16.36% year over year, with EPS of $2.02 topping the $1.891 consensus. That extended the beat streak to nine consecutive quarters, aided by roughly $0.11 of tariff-refund tailwind.

Bull Case: $380 and Beyond The bull case here is simple: Apple monetizes AI without spending like a hyperscaler. iPhone revenue jumped to $54.25 billion, Services set a June-quarter record at $30.74 billion, and Mac grew 29% year-over-year.

Tim Cook called the June quarter “our strongest June quarter ever, with double-digit revenue growth across iPhone, Mac and Services.” Layer on Siri AI, potential iCloud+ upgrade monetization, and a $30 billion Broadcom silicon deal, and the bull scenario points to $380.26.

What Could Go Wrong Memory costs are the near-term risk. Cook flagged what he called a “100-year flood on the memory pricing,” and Apple “reluctantly raised prices” heading into the September quarter. Supply constraints on advanced-node chips are expected to widen.

Bulls will counter that Q3 R&D spending of $11.73 billion (up from $8.9 billion) reflects deliberate AI and silicon investment. Still, the bear scenario points to $315.58 if margin pressure and Greater China regulatory friction bite.

How Apple Compares to Microsoft and Alphabet Microsoft (NASDAQ:MSFT) is the closest AI-platform comparable, trading at a P/E of 28x versus Apple’s 42x. Microsoft’s AI business hit a $37 billion annual run rate, but capex reached $115.95 billion in FY26. Apple’s asset-light AI approach justifies a premium, though the valuation gap is real.

Alphabet (NASDAQ:GOOGL) trades at just 15x earnings with Google Cloud growing 82%. That makes AAPL look expensive on headline multiples, but Apple’s ROE of 171.42% and operating margin of 31.97% are unmatched. Against these peers, our $363.99 target looks reasonable rather than aggressive.

Company P/E Net Margin Apple 42x 26.92% Microsoft 28x 40.31% Alphabet 15x 32.81% Final Take on Apple’s Setup My take: constructive at $325.81, with a $363.99 model target and 90% confidence. The tipping factor is Apple’s ability to distribute AI to 2.5 billion active devices without hyperscaler-level capex.

The setup looks more constructive if the iPhone 17 cycle continues delivering upgraders, and more cautious if memory-cost inflation forces further price hikes that soften unit demand.

Year 24/7 Wall St. Price Target 2026 $363.99 2027 $371.47 2028 $391.38 2029 $418.85 2030 $449.25 These projections assume Apple continues executing on Services growth and successful Siri AI rollout. Significant upside or downside could result from AI monetization ramp or sustained memory-pricing pressure.

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