Apple's Foldable iPhone May Offset Memory Costs, But Risks Loom
Apple's first keynote without Tim Cook took place on September 9. CEO John Ternus led the event, marking his first public appearance in this role.
The presentation featured a foldable iPhone, rumored to be called 'Ultra', alongside the iPhone 18 Pro and Pro Max. This product holds unusual weight due to its potential to offset memory costs, which have been rising exponentially.
According to Apple's CFO Kevan Parekh, over 100% of the decline in gross margin between the March quarter and September guide can be attributed to memory prices.
TIKR's model suggests a target price near $480 by September 2030, representing approximately 50% upside over about four years, or around 10% annualized. The primary risk is that component inflation outpaces Services leverage and Apple cannot lift ASPs, breaking the margin assumption and compressing the multiple.