Why Apple Stock Rallied Today
Key Points
Apple is on the hunt for new chip suppliers.
A foldable iPhone could also boost the company's profits.
- 10 stocks we like better than Apple ›
Shares of Apple (NASDAQ: AAPL) rose on Thursday, following reports that the iPhone maker was gearing up for a lucrative new product launch.
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Foldable iPhones could make their debut early next year
Apple is reportedly planning to launch at least five new iPhone models in the first half of 2027, according to Nikkei Asia. That includes a foldable, premium-priced "iPhone Ultra" model.
Apple is said to have boosted its production goal for its new foldable phones to 10 million units, up from a prior target of about 8 million.
The iPhone Ultra could carry a price tag of roughly $2,500, according to market intelligence firm IDC, and as high as $3,000 with increased storage.
Hunting for cheaper memory
Apple is also reportedly seeking a better deal on memory chips. To do so, it's attempting to source them from Chinese chipmakers ChangXin Memory Technologies (CXMT) and Yangtze Memory Technologies (YMTC), according to Bloomberg.
Apple was recently forced to raise prices for Macs and iPads to offset the soaring costs of memory and other components.
If Apple can broaden its production network, it could help to ease supply shortages. Lower memory and other input costs would also bolster Apple's profit margins.
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Joe Tenebruso has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Apple. The Motley Fool has a disclosure policy.
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