This is a situation never witnessed before — Apple's new iPhone has encountered a tepid response during U.S. pre-orders. Last weekend at 8 a.m., Apple's newest iPhone 18 Pro series opened for pre-order in the United States. Yet after half an hour, the device remained fully stocked across the U.S. market, with every color and storage configuration still available for delivery on the September 18 launch date — not a single variant sold out.

This new development stands in stark contrast to previous years and may prove awkward for Apple's new CEO, who inherited the role recently. In prior years, once new iPhones opened for pre-order in the U.S., popular configurations would sell out within minutes, with shipping dates quickly pushed back to weeks or even more than a month later.

Another interesting phenomenon: nearly every year, following a blazing pre-order period, the CEO would quietly but proudly proclaim that demand had "exceeded expectations." This year, that statement seems unlikely to be made — at least the latest quarterly earnings won't feature any demand figures for the foldable device Duo.

Inventory still available a full day after pre-orders opened

Let's examine the actual pre-order situation for the two new iPhone 18 Pro models. This year, Apple did not release a lower-end model; only two Pro variants launched on schedule, while the first foldable device, Duo, won't go on sale until mid-next month. Typically, Apple opens pre-orders on the Friday following a product launch event, but this year, because it coincided with the September 11 memorial date, Apple deliberately delayed the U.S. market release by one day, opening orders on Saturday.

But half an hour after pre-orders opened, the iPhone 18 Pro remained abundantly stocked, with no configuration sold out. A full day passed, and by Saturday evening, only the wine red and silver 256GB and 512GB versions of the iPhone 18 Pro had their shipping dates pushed back by one week, while all other configurations still offered first-day delivery.

The iPhone 18 Pro Max pre-order situation was slightly better, but still below historical standards. The first version to experience shipping delays was the 256GB wine red variant, which slipped to September 29–October 6 about 30 minutes after pre-orders opened; an hour later, it was further pushed to October 6–13. Subsequently, certain 256GB configurations in glacier, silver, and black also slipped into October.

Notably, the high-capacity top-tier versions did not seem to generate much market demand. All 2TB versions in every color, whether Pro or Pro Max, still offered first-day delivery as of Saturday evening. The Pro Max's 1TB version also saw no initial delays whatsoever. Perhaps the $2,499 price point for the 2TB version has exceeded what most consumers are willing to pay, and Apple's demand forecast for this tier may have been overestimated.

Pricing is, of course, the most critical factor for consumers. Due to surging storage costs, Apple's iPhone 18 Pro series this year is priced $100 higher than last year's iPhone 17 Pro series, with the high-capacity versions priced at shockingly high levels. This year, the iPhone 18 Pro costs $1,199 for 256GB, $1,399 for 512GB, $1,799 for 1TB, and $2,399 for 2TB; the iPhone 18 Pro Max starts at $1,299, with the 512GB version at $1,499, 1TB at $1,899, and 2TB at $2,499.

iPhone price increases are nothing new. In 2017, Apple launched the iPhone X, officially ushering in the $999 Pro era, and over the following seven years, the Pro series starting price remained below the thousand-dollar mark. But in the past two years, Apple has raised prices by $100 annually, and now the most basic new iPhone Pro costs $1,199.

Limited upgrades or just too expensive?

Apple has not commented on the pre-order situation. However, U.S. media and analysts have broadly identified several possible reasons for this year's weak pre-order demand.

First, Apple's price increase is making consumers cautious. The entire Pro series is up $100, and this comes at a time when U.S. inflationary pressures persist and discretionary spending is tightening. Home insurance, utilities, gasoline, food — everything is rising, and the increased cost of living is putting direct pressure on consumers. In this context, buying a new phone starting at $1,199 requires a more compelling reason to upgrade.

Second, this year's upgrades are limited. The iPhone 18 Pro's exterior dimensions are identical to the iPhone 17 Pro, and even most old cases can be reused directly. The core upgrades are the A20 Pro chip with new cooling technology and a 48-megapixel Fusion main camera, but these don't offer obvious improvements from the consumer's perspective. One user on the MacRumors forum commented: "For the Pro models, this is an S-year." (In the past, Apple added an "S" to minor upgrades, such as the iPhone 5 and 5S, but later changed its naming convention.)

Third, a large number of consumers are likely holding off to purchase the iPhone Duo. Although this first-generation foldable phone was unveiled alongside the Pro series, pre-orders don't begin until October 16, with shipping starting October 23. This marks Apple's first delayed flagship launch since the iPhone X. For high-end users with ample budgets, waiting an extra month to see the experience of that foldable device, starting at $1,999, may be more appealing.

Fourth, the Saturday pre-order timing affected the buying cycle. In previous years, Apple opened pre-orders on Friday morning following the launch event. This year, September 11 coincided with the 25th anniversary of the 9/11 attacks, so Apple moved pre-orders to Saturday as a sign of respect. Perhaps many consumers are simply not accustomed to placing orders online at 8 a.m. on a Saturday.

Fifth, it cannot be ruled out that Apple prepared a large volume of inventory this year, so selling out is unlikely regardless. Some analysts point out that Apple's forecast for launch demand was more accurate this year, and production capacity reserves were more robust, so the absence of shipping delays does not necessarily mean poor sales.

Carrier subsidies are not particularly attractive either

The U.S. smartphone market remains overwhelmingly dominated by carrier channels. Although Apple's official store and open market channels like Amazon have seen shipment growth in recent years, CIRP market research data shows that U.S. carrier channel shipments still account for 75%–79% of total sales. Most iPhone users are accustomed to purchasing new phones from the major carriers because of promotional subsidies and installment plans.

This year, the three major U.S. carriers — Verizon, AT&T, and T-Mobile — all offered trade-in deals of up to $1,200. AT&T accepts any iPhone 14 or newer in any condition for trade-in; T-Mobile also accepts any condition and introduced a new 36-month installment plan that bundles the phone and taxes, with eligible customers paying zero upfront at checkout. Verizon offers up to $1,200 (for new customers) or $1,020 (for existing customers) in trade-in credit, spread over 36 months (i.e., three years).

But these seemingly attractive promotions have hidden strings. The advertised $1,200 is conditional — it requires trading in last year's 17 Pro model, while trade-in values for the 16 Pro drop sharply to $650. Additionally, to qualify for the high trade-in subsidies, customers must subscribe to premium carrier plans; basic plans do not offer such generous discounts.

Sacrificing lower-end models to protect profits

But behind this pre-order slump lies an even more structural backdrop. This fall, Apple did not release any lower-end models and even raised prices on older devices. In previous autumn launch events, base and Pro models were unveiled together. This year, only the iPhone 18 Pro, Pro Max, and the foldable Duo were announced — all premium products. The base iPhone 18, entry-level iPhone 18e, and second-generation iPhone Air have all been postponed to spring 2027. This marks the first time in Apple's history that base iPhone models have been delayed.

Why is Apple not releasing lower-end models? According to Nikkei Asia, citing multiple sources, this adjustment is "aimed at optimizing resource allocation to maximize revenue and profit from high-end models amid soaring storage chip prices." It is also "crucial for minimizing potential production fluctuations as Apple mass-produces its first foldable iPhone."

The underlying reason is simple: memory supply is insufficient, so Apple must allocate limited production capacity to products with the highest gross margins. This is Apple's most direct and unavoidable response to the memory supply chain crisis. The AI data center construction boom has caused severe memory chip shortages, driving up memory prices across consumer electronics. Memory's share of iPhone material costs is rising from roughly 10% previously to 45% by the end of this year. In June, Apple raised prices across its Mac, iPad, Apple TV, HomePod, and Vision Pro lines; the CEO previously described this semiconductor shortage as a "once-in-a-century flood."

So, Apple's logic for temporarily sacrificing lower-end models is clear: use fewer models and higher unit prices to defend that 50% gross margin amid capacity constraints. Consumers wanting to upgrade their iPhones this autumn have only two choices: the Pro starting at $1,199, or the foldable device starting at $1,999. Those who would typically spend $799 on a base model are now caught in a dilemma: increase their budget for the Pro, buy discounted older models, or wait until next spring when Apple releases base models.

Apple has also raised prices on older models: the iPhone 17 rose from $799 to $899, the iPhone Air to $1,099, the iPhone 17e to $699, and even the older iPhone 16 to $799. To avoid cannibalizing iPhone 18 Pro sales, Apple has discontinued the iPhone 17 Pro outright, given how minor the upgrades are this year.

Of course, pre-order data does not equal sales. Apple never discloses pre-order numbers, and shipping timelines are just one indirect indicator. Moreover, many signs suggest that high-end consumers are eagerly awaiting the iPhone Duo. If the Duo's pre-orders are strong next month, the "wait-and-see" explanation will be validated; if not, it suggests the iPhone market as a whole may be cooling. But the Duo's production capacity is a challenge. According to industry reports, constrained by hinge durability, custom DRAM supply, and high component costs, the Duo's initial production in the second half of 2026 may be only 7 to 8 million units, possibly with a phased rollout prioritizing the U.S. market.

For the new CEO, this is the first market test since taking office. He presided over the launch event on his ninth day in the role and witnessed this lackluster pre-order period on his twelfth day. The product that truly determines the success of this iPhone generation — that foldable device — won't go on sale for another month or more.