TMT Daily: LatAm telcos: Apple raising Mac and iPad prices; TOTVS: Senior Sistemas scales AI agent development with Oracle

研报英文原文证据摘录

TMT Daily: LatAm telcos: Apple raising Mac and iPad prices; TOTVS: Senior Sistemas scales AI agent development with Oracle

Global Research

26 June 2026ab

TMT Daily Equities

Emerging MarketsLatAm telcos: Apple raising Mac and iPad

prices; TOTVS: Senior Sistemas scales AI agent Telecommunications

development with Oracle Leonardo Olmos,AnalystCFA

leonardo.olmos@ubs.com

+55-11-9658 7533

LatAm telcos: Apple raising Mac and iPad prices; -ve for handset revs and Gustavo Farias

Associate AnalystWorking Capital dynamics

gustavo.farias@ubs.com

What happened: UBS Analyst David Vogt published a report on Apple raising prices +55-11-2767 6154

for some of its devices to offset higher memory costs. Key takeaways were:

Mac and iPad prices going up, but limited near-term margin impact.

According to press reports, Apple is raising MacBook and iPad prices to offset a

steep increase in memory prices. Since the iPhone should be around 80% of

Product revenue over the next three to four quarters, we do not expect a near-

term change to the margin outlook from Macs and iPads until iPhone price

increases or specification changes are confirmed later in CY26.

iPhone price hikes expected in the fall, but likely flowing into FY27. We

expect Apple to lift effective iPhone prices by around US$ 50 to US$ 100 at the

fall launch, possibly with specification changes, to offset higher memory

costs. Memory was a mid-single-digit share of what it costs to build a typical

US$ 1,000 iPhone before prices jumped. It could now be close to 20%, so a

price increase near US$ 100 could offset it.

UBS's take: Negative read for AMX/TEF-BZ/TIM/TIGO/TEO, as this could weigh on

handset sales and potentially on working capital, if operators build up inventory

ahead of further price increases (as AMX did in Q1).