Apple Inc (NASDAQ: AAPL) is expected to launch only premium iPhone models this September, excluding its mainstream devices until spring 2027. This marks the first major product launch under CEO John Ternus after Tim Cook moves to executive chairman.

Premium-Only Launch

According to JPMorgan analyst Samik Chatterjee, Apple will likely launch the iPhone 18 Pro, Pro Max and its foldable iPhone Ultra this September. The company is expected to defer the base iPhone 18, 18e and Air 2 until spring 2027.

Rather than relying on a broad portfolio for holiday quarter volumes, Apple will depend disproportionately on premium devices. The approach aims to lift average selling prices but requires convincing buyers who typically choose lower-priced models to trade up instead of waiting.

The Upsell Strategy

JPMorgan notes that premium iPhones have grown as a share of total shipments. Pro models accounted for roughly 37% of shipments in 2020 compared with about 65% in 2025. The firm expects this shift to continue in 2026.

Structural changes have made premium devices more affordable through trade-ins, installment plans and carrier promotions. Apple is also expected to emphasize leasing options via its Klarna partnership. However, JPMorgan expects Apple to raise U.S. prices for Pro and Pro Max models by about $100 to offset higher component costs.

What the Numbers Show

The divergence between rising Pro shipment share and anticipated price hikes highlights a strategic pivot. With Pro models now representing roughly two-thirds of shipments (65% in 2025 vs 37% in 2020), the base model's exclusion removes the entry-level anchor. This suggests Apple is betting that the existing momentum toward premium devices is strong enough to sustain volume despite a $100 price increase and reduced choice.

Supply Chain Signals

Early delivery times may not reliably indicate demand due to supply constraints affecting processors and memory. Investors are likely to focus on supply chain production revisions later in the quarter for clearer signals on consumer acceptance of the higher-priced lineup.

Wedbush analyst Dan Ives has identified mergers and acquisitions as the crucial "missing piece" for Apple Inc. as it competes in the accelerating artificial intelligence arms race, expecting new CEO John Ternus to pursue a distinct strategic shift from his predecessor.

Moving beyond the Tim Cook era

Ives, Partner and Senior Managing Director at Wedbush, acknowledged Tim Cook as a "Mount Rushmore Hall of Fame CEO" while arguing that Apple's previous strategy may have caused the company to miss certain growth opportunities over the last decade. With Ternus now at the helm, Ives anticipates a clear departure from that playbook.

"Ternus is going to have his own fingerprints, his own stamp, more innovation," Ives told CNBC. "You're going to see hardware changes, and I think M&A is now potentially on the table for something that he's going to do in an AI era in this arms race."

Reshaping executive leadership

Ives also addressed recent personnel shifts, including Phil Schiller stepping down from App Store oversight to become an Apple Fellow. He suggested Ternus is actively assembling his ideal leadership roster, ensuring he has "all the right people" in the appropriate roles.

Ives anticipates Ternus will build a team combining internal Cupertino veterans with new external executives, blending "old ideas, but also some new ideas" to bring renewed innovation back to the company.

Monetising the 'golden install base'

Despite regulatory headwinds, Ives described Apple as entering this leadership transition in a "massive position of strength," noting that its privacy-focused ecosystem gives it a distinct advantage over competitors such as Meta Platforms Inc.

The key test for Ternus will be monetising Apple's "golden install base" of 1.5 billion iPhones and over 2 billion total iOS devices.

"He's getting handed the house, getting the keys at a great time now, but he will be judged on the AI era," Ives concluded. "That will be the success of Apple."

Apple stock performance

The following table summarises Apple's recent price performance as reported:

Apple stock closed 2.61% higher at $325.13 per share on Tuesday, with premarket trading on Wednesday showing a 0.13% decline at last check. The stock is up 19.59% year-to-date and has advanced 40.06% over the last year.