Apple shares fell Monday after a Jefferies downgrade tied to supply-chain issues and rising memory costs, as a Trendforce report cited by 9to5Mac said the iPhone 18 Pro will carry 38% higher costs than the iPhone 17 Pro. The report said memory costs have tripled from the prior model, lifting memory’s share of the phone’s total cost from about 10% last year to 40% for the upcoming device. Apple is expected to absorb part of that increase to limit the impact on consumers, though that would squeeze margins on its flagship smartphone. Deepwater Asset Management Managing Partner Gene Munster said Apple is likely to raise iPhone pricing by around $125, or 15%, while remaining constructive on demand because many buyers spread handset purchases through monthly carrier or Apple payment plans. He also said Apple may shift part of its product cycle into the next quarter, a move that could steer upgraders toward higher-priced models and lift average selling prices. The pricing debate comes as Apple prepares to unveil the iPhone 18 Pro at its Sept. 9 event, with the iPhone 18 set for release on Sept. 18, and after the company reported a July 30 quarter that beat analyst estimates on both revenue and earnings per share for a 14th straight time.