A GF Securities analyst warns that the iPhone 18 Pro and 18 Pro Max could cost $250–$300 more than the current iPhone 17 Pro models, driven by higher component costs—most notably 2 nm silicon and DRAM/NAND memory.
Component costs singled out
In a note published alongside quarterly results, Jeff Pu points to rising prices for 2 nm silicon and DRAM/NAND, a situation exacerbated by supply tensions as infrastructure builds out for AI. Those factors, the analyst says, could push Apple to increase pricing on its Pro models.
What that means for current prices
For context: the iPhone 17 Pro and 17 Pro Max start at $1,099 and $1,199, respectively. A $250–$300 increase would move those entry points substantially higher. Other Apple products—iPad, Mac, HomePod, Apple TV and Vision Pro—already saw price increases in June; iPhones had largely been spared so far.
Implications for demand and markets
Pu warns that higher iPhone 18 Pro prices could create “uncertainty about demand.” As a direct consequence, he has downgraded his recommendation on Apple stock from “buy” to “hold.” That marks a reversal from his more optimistic stance in May, when he suggested Apple might price the iPhone 18 Pro “aggressively” despite rising memory costs.
Timing and Apple’s response
Apple offered no public comment on potential price increases during its quarterly call: Tim Cook did not indicate whether prices would be raised for the expected September launch. Available reports suggest Apple will unveil the iPhone 18 Pro and Pro Max in September alongside its first foldable iPhone, which is expected to price above $2,000. The iPhone 18, 18e and iPhone Air 2 are projected for spring 2027.
Bottom line
For now, Pu’s alert is grounded in observed component-side pressure. Whether Apple will absorb some of those costs or pass them on to consumers at launch remains to be seen.
