iPhone 18 pro lands on shelves Friday

Summary

CNBC's MacKenzie Sigalos reports from the iPhone 18 launch, where long lines suggest solid initial interest but prices are much higher than a year ago. Apple is using a new leasing program and higher-end model mix to offset sticker shock, while Evercore raised its price target and sees potential for a 30% average selling price increase. Early demand signals are mixed, with Jefferies flagging weaker resale premiums, and the first foldable and Siri AI remain key swing factors for Apple's upgrade cycle.

• iPhone 18 launch drew long lines, a positive initial signal for Apple.
• Starting prices are up sharply, and Apple is using leasing to soften the premium.
• Evercore raised its Apple price target and sees possible 30% ASP increase.
• Jefferies flagged weaker demand and collapsed resale premiums for the 18 Pro Max.
• Apple's first foldable launches next month; US demand is uncertain.
• Foldables have historically been more popular in China, especially for Huawei and Samsung.
• Siri AI execution is seen as key to driving upgrades beyond hardware.