Apple Hits the RAM Wall

Research evidence excerpt

Apple Hits the RAM Wall

Flash Note Technology | IT Hardware & Networking

June 25, 2026

Apple Inc Amit Daryanani Irvin Liu 415-800-0185 415-800-0183

AAPL | $293.08 amit.daryanani@evercoreisi.com irvin.liu@evercoreisi.com

Outperform | Target Price/Base Case: $365.00 Victor Santiago Hannah Liu

Company Update 212-653-9014 212-812-2905

Victor.Santiago@evercoreISI.com hannah.liu@evercoreISI.com

ALL YOU NEED TO KNOW: Apple made the rare move of raising prices intra-cycle today across select Macs, iPads and home

devices following recent comments from Tim Cook on surging memory constraints (link here). The price hikes across the select

products come as a surprise, as we were under the impression that Apple would wait until the next product cycle before raising

prices. The increases were broad-based and ranging from +17% to +25% across the core Mac/iPad lineup on base-model configs,

with larger percentage increases on smaller-ticket home devices, including Apple TV at +54%. The price hikes appear driven by

rising memory costs, with DRAM/NAND pricing now multiples higher than a year ago and materially above levels at the start of the

year, when Apple refreshed the iPad Air/Pro and MacBook Air/Pro lineups + launched the MacBook Neo. We would also note that

Apple’s long-term memory supply agreements were rolling off during the quarter, leaving the company more exposed to spot-

market pricing. While higher memory prices have already been well understood, today’s intra-cycle price hike suggests that the

magnitude and pace of the cost pressure exceeded Apple’s ability to absorb it. It’s also notable that iPhones were excluded from

the price increases, as we’d expect Apple to wait until the September iPhone release to raise prices on the new iPhone 18 Pro

models.