GF Securities Cuts Apple to Hold on $200-$300 iPhone 18 Pro Price-Hike Risk

3 articles · Updated · Forbes · Aug 2

Jeff Pu downgraded Apple to Hold after the company’s guidance pointed to substantial iPhone 18 Pro price increases, with the analyst warning the Pro models could rise by $250 to $300 in September.
Rising 2nm silicon wafer costs at TSMC and sharp DRAM and NAND inflation are driving the warning, with Tim Cook calling current memory pricing a “100-year flood” that is squeezing hardware gross margins.
Apple has already raised some Mac and iPad prices mid-cycle, and Cook said higher silicon costs in the September quarter will be only partly offset by lower component costs and inventory stockpiles.
Pu also sees weaker upgrade appeal beyond the price issue, saying iterative hardware changes could limit demand from iPhone 16 Pro and 17 Pro owners even as Apple leans on new AI features.
To soften sticker shock, Apple this week launched its Apple Upgrade leasing program, shifting the pitch toward monthly payments as broader expectations build for a $100 to $200 iPhone increase and a foldable model above $2,000.