NAND Deal Offers No Margin Protection for iPhone 18 Pro

Apple's reported long-term NAND deal may have reduced its risk of a memory shortage during the next iPhone cycle, but it does little to mitigate margin risks for the iPhone 18 Pro.

A recent report by South Korea's Economy Tribune cited a Citi research report that Apple signed a NAND contract with Kioxia Holdings Corporation. The publication described Kioxia as the likely supplier, but the terms of the agreement, including counterparty, volume and pricing, remain undisclosed.

Industry speculation suggests that the three-to-five-year term is without a price cap, TrendForce News summarized those claims separately. Apple and Kioxia have not confirmed an agreement as of 4:41 am EDT on Monday.