Jefferies analyst Edison Lee has downgraded Apple stock from sell to hold, citing supply chain checks that indicate Apple has canceled the all-glass version of its 20th-anniversary iPhone due to "low yield" in manufacturing. Lee's report, titled "Roadmap to Higher-Priced iPhone Looks Challenging; Downgrade to UNPF," says this is a "major setback" to Apple's efforts to raise the iPhone's average selling price and margins amid rising memory costs.
According to Wccftech, Jefferies' supply chain checks suggest the all-glass iPhone, referenced with a September 27 date, could not be mass-produced in higher quantities without introducing defects. The outlet cites Seeking Alpha figures estimating the device's average selling price at $2,060, which would have given Apple a high-margin flagship to offset soaring memory costs. Wccftech also notes an earlier report claiming the iPhone 20's display suffered a distortion effect at the edges that reduced maximum brightness, speculating this flaw may have contributed to a short display lifespan and the project's cancellation, though this remains unconfirmed.
Both outlets report that Samsung was the supplier tied to the advanced display technology involved, with Wccftech noting that relying on a single supplier for such a component can create manufacturing difficulties. Neither source confirms whether Apple will revisit the all-glass design in the future.
Tom's Guide reports that Lee's analysis suggests Apple will return to "iPhone 19" naming next year instead of "iPhone 20," with the Pro Max reportedly getting a RAM upgrade from 12GB to 16GB. This could come with higher prices: Lee estimates a forthcoming iPhone Ultra could cost as much as $2,199 for a 256GB model and $3,099 for a 2TB version, while the Pro Max price could rise by $100.
Tom's Guide also details rumored features that were expected for the 20th-anniversary iPhone, including a bezel-less, quad-curved display fused to a glass and ceramic back, Pro and Pro Max sizes of 6.3 and 6.9 inches, a larger 200MP main camera, possible silicon-carbon battery testing, and the removal of the bottom speaker grille in favor of vibration-based sound technology. The outlet notes that without the anniversary redesign, next year's iPhone could resemble another version of the iPhone 17 Pro design carried into the iPhone 18 Pro line.
Neither source specifies exactly how Apple will proceed, and Jefferies' report does not indicate whether the all-glass design could reappear in later years. Tom's Guide notes that navigating the memory cost pressures and a potential redesign will be an early test for incoming Apple executive John Ternus as he takes over duties from Tim Cook.