Apple's iPhone Launch Hype Masks Memory Market Oligopoly

Veteran tech analyst Paul Meeks of Freedom Capital Markets is sounding the alarm about Apple's upcoming iPhone launch. The company is expected to unveil its most ambitious iPhone in years, but Meeks warns that a supplier oligopoly could turn a blockbuster launch into a margin nightmare.

Meeks pointed out that Micron, SK Hynix, and Samsung control roughly 90% of the memory market share, which will drive up Apple's cost of goods sold and compress its gross margins. He noted that even former CEO Tim Cook confirmed this pressure on Apple's Q3 FY26 call, describing the environment as a '100-year flood on the memory pricing with exponential increases in memory prices.'

Meeks expects the squeeze to persist for years, forecasting no relief in memory pricing. He points capital towards AI data-center names including CoreWeave, Applied Digital, and NVIDIA.