Last week, Tim Cook made it clear that Apple hardware prices, including iPhones, are likely heading higher because the company is running out of ways to absorb rising costs. The biggest pressure point is memory, with RAM and storage prices climbing sharply across the tech industry.

That has raised fears that the iPhone 18 Pro could see a dramatic price jump. However, new research from J.P. Morgan points to a less frightening outcome. According to a screenshot of the firm’s estimates shared by Max Weinbach on X, Apple may be able to offset part of the memory hit through savings in other areas.

Apple may have ways to limit the damage

J.P. Morgan estimates that the iPhone memory bill, including NAND and DRAM, could rise from $65 in 2025 to $114 in 2026, and then to $228 in 2027. In product terms, that would line up with the iPhone 18 Pro cycle in 2026 and the iPhone 19 Pro cycle in 2027. That is a massive increase, and it explains why Apple may not be able to keep prices flat forever.

The better news is that Apple may be able to cut costs in other places. J.P. Morgan estimates that non-memory component costs could fall from $449 in 2025 to $426 in 2026, and then to $384 in 2027. The report also points to $15 in savings from Apple using more of its own components in 2027, likely including its own 5G modem. The iPhone 17 Pro currently uses a Qualcomm modem, but the iPhone 18 Pro is expected to move to Apple’s own C2 modem.

So in practical terms, the report points to a price increase of roughly $50 to $100 for the 18 Pro compared to current models, rather than the several-hundred-dollar jump some earlier reports had suggested.

I still would not celebrate yet

This is still only an analyst estimate, not Apple’s official pricing plan. Previous reports have suggested that the base iPhone 18 Pro could reach as high as $1,399, so there is still plenty of uncertainty.

Even if J.P. Morgan is closer to the mark, this does not mean the iPhone 18 Pro is safe from a noticeable price hike. Apple has reportedly been able to keep prices stable so far, partly because it entered 2026 with memory inventory secured before prices accelerated, while also using its massive scale to negotiate supply deals that many competitors could not match.

The problem is that the RAM and storage market has changed dramatically since then. Major AI companies are spending heavily to lock down memory and storage for data centers, keeping demand high and pushing prices upward. If that pressure continues, Apple’s ability to absorb the hit may only go so far. This report is reassuring, but it is not a guarantee.