Demand Weakness Broadens

A more negative scenario is that the initial 15% cut proves to be the first step in a wider production reset. The combination of higher launch prices, memory-driven bill-of-material increases, and weaker consumer upgrade urgency weighs on iPhone 18 Pro sell-through across the US, China, and Europe.

Each figure is the modeled move of the S&P 500 if the outcome occurs. For information only. Not investment advice.