With over 1.5 billion devices worldwide, Apple has long held unparalleled bargaining power with its supply chain. However, the current DRAM chip shortage shows no signs of abating, rendering Apple's past pricing advantage largely ineffective. The cost trends of LPDDR5X memory modules are now influencing the Cupertino tech giant's product planning and pricing, creating an unprecedented situation.
From Q1 to Q2 2026, the cost of a single 12GB LPDDR5X module for Apple is projected to surge by $68.80.
Previously, Apple would sign one-year or longer supply contracts with storage manufacturers to secure substantial discounts far below market prices. This model is no longer viable. Apple is now forced to negotiate memory purchase prices quarterly, shifting its focus from "lowering prices" to "ensuring sufficient supply" to support its expanding product line.
Meanwhile, DRAM chip prices have recently experienced an unprecedented and sustained surge. A report by semiconductor analysis firm SemiAnalysis, covering the period from the end of Q1 to Q2 of 2026, noted that LPDDR5 contract prices had tripled since Q1 of 2025, when the price was approximately $10 per GB, and the purchase price of a single 12GB LPDDR5X chip was $120.
Following this, price increases intensified. Recent data from market research firm Sigmaintell shows that the cost of a single 96Gb (12GB) LPDDR5X memory chip surged from $77.1 in Q1 of 2026 to $145.9 in Q2, a quarterly increase of $68.8, or 89%!
Recent independent calculations from TechInsights also corroborate this: Apple currently purchases 12GB LPDDR5X chips at approximately $145 each.
With soaring costs, Apple will face a significant cost impact in the third quarter. The company has begun preparing to raise the price of the iPhone 17 series, with the price adjustment expected as early as this month. Tim Cook has previously stated publicly that a price increase is "unavoidable."
General-purpose DRAM profit margins surpass those of AI-specific high-bandwidth memory, potentially reaching 90% this year.
The industry landscape has undergone an unusual shift: currently, the operating profit margin for general-purpose DRAM is 15 percentage points higher than that of high-bandwidth memory (HBM) for AI applications.
Furthermore, Daishin Securities predicts that the operating profit margin of general-purpose DRAM could reach a theoretical peak of 90% this year.
Bernstein Securities also agrees with this profit margin forecast, while believing that general-purpose DRAM prices will not peak and decline until well into 2027.
Apple's profit margins will face unprecedented pressure. Based on this, the market predicts that the starting price of the basic storage version of the next-generation iPhone 18 Pro may be as high as $1,400, and the top-of-the-line Pro Max model may be priced at over $1,500 upon release.
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