Apple's Glass-Centric iPhone Is Still on Schedule to Mark Device's 20th Anniversary

Bloomberg Intelligence analyst Anurag Rana explains why Apple's upcoming glass-centric and foldable iPhones are critical for lifting average selling prices to sustain iPhone revenue growth amid rising memory costs, and analyzes the recent stock decline as a valuation mismatch with hyperscaler peers. - Apple plans glassy iPhone Pro models next year and a 20th anniversary glass-centric device in 2027. - Raising ASPs is the single most important factor for Apple's iPhone segment growth over the next couple of years. - A foldable iPhone could be priced around $2,500, a massive lift over current Pro Max base prices. - Higher memory prices are a headwind that will pressure unit shipments. - Apple has gained market share recently by not raising prices in the premium segment, but a fall price increase is likely. - The recent Apple stock selloff is attributed to a valuation mismatch, with a multiple in the low 30s while hyperscalers traded in the low 20s.