Apple Bets on Foldables, Screenless Devices Amid Chip Cost Pressures

Apple's future in hardware is looking uncertain as the company faces headwinds from elevated memory chip costs. To mitigate this, Apple has been testing Chinese memory chips from CXMT across product lines in China, including iPhones and MacBooks.

CXMT raised $8.6 billion in its Shanghai IPO last month, making it Asia's biggest listing of the year. Its stock surged 466% on its trading debut, lifting its market capitalization to approximately $487 billion, surpassing Intel's market value at the time.

Apple is also reportedly developing a screenless fitness band and a foldable iPhone, which will be announced in September. This marks the first major product event under incoming CEO John Ternus, who will officially take over next month.

The move into screenless devices could signal Apple's response to increasing competition from Garmin and Google's Fitbit in the fitness wearable category.