Apple Set to Unveil First Foldable Device Amid Memory Price Spikes
Apple has confirmed that it will hold an event on September 9 to unveil its first foldable device, reportedly called the iPhone Ultra. The event will be led by John Ternus, who is set to become CEO on September 1. Shares of Apple are currently trading near a record high, priced at $313.45.
The introduction of the foldable device comes as memory prices are spiking, which could negatively impact Apple's gross margin. The company has guided a decline in gross margin for the current quarter due to rising memory costs.
Rothschild & Co Redburn upgraded Apple to Buy from Neutral and raised its target price to $400, citing potential benefits from the foldable device and AI strategy. However, the firm also highlighted several risks associated with the introduction of the new product category, including production delays and hinge durability issues.