AAPL Jefferies says early iPhone 18 Pro/Pro Max demand is showing weakness and expects AAPL could cut orders in October. U.S. lead times remain at zero, while 18 Pro Max resale premiums are just 1%-8% versus 15%-29% for the 17 Pro Max last year. Jefferies also expects the upcoming Duo to cannibalize 18 Pro/Pro Max sales, especially the Pro Max, making Apple's planned ~15% YoY production increase harder to achieve.
AAPL Jefferies says early iPhone 18 Pro/Pro Max demand is showing weakness and expects AAPL could cut orders in October. U.S. lead times remain at zero, while 18 Pro Max resale premiums are just 1%-8% versus 15%-29% for the 17 Pro Max last year. Jefferies also expects the upcoming Duo to cannibalize 18 Pro/Pro Max sale