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Apple (AAPL) eliminates baseline iPhone 18 models, steering buyers toward pro and pro max tiers with the foldable iPhone Duo priced up to $3,000.
Tim Cook called surging DRAM costs a "100-year flood," compressing product gross margins to 40% and making cheaper iPhones a margin liability Apple won't absorb.
AAPL earns a Hold at 33x forward earnings, where the premium pivot protects fiscal 2027 margins even as narrowing the addressable market leaves little room for a Ternus misstep.
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