iPhone 18 Pro Pre-Orders Look Lukewarm, Jeff Pu Trims Builds

HONG KONG - Initial wait times for Apple’s iPhone 18 Pro models look “lukewarm,” GF Securities analyst Jeff Pu said in a note summarized by MacRumors on Sept. 15, prompting him to cut production estimates for both the Pro lineup and the foldable iPhone Duo.

Pre-orders opened Sept. 12 in the United States and many other markets. Pu now counts three to four weeks of wait time in the U.S. for iPhone 18 Pro Max configurations with 256GB and 512GB of storage across all colors, and for Burgundy 1TB Pro Max units. In China, he cites two to three weeks for Glacier Pro Max models in 256GB and 512GB. Black and Glacier 1TB Pro Max options show shorter one to two week waits in the U.S., while Silver 1TB Pro Max, most 2TB Pro Max builds, and nearly every iPhone 18 Pro configuration are available immediately. Burgundy 256GB is the main Pro exception still showing a delay.

Photo: Apple

Photo: Apple

Pu attributes the softer start to limited specification upgrades and higher prices, especially at larger storage tiers. The iPhone 18 Pro starts at $1,199 in the U.S. and the Pro Max at $1,299, climbing to $2,399 and $2,499 for the respective 2TB models. He also expects some Pro Max buyers to wait for the iPhone Duo, which opens for pre-order on Oct. 16 with availability from Oct. 23. Duo pricing starts at $1,999 for 256GB and rises to $3,199 for 2TB.

Photo: Apple

Photo: Apple

On the supply side, Pu lowered his combined iPhone 18 Pro and Pro Max build estimate to 72 million units, citing constraints around the new variable aperture camera. Separately, he cut his 2026 Duo production forecast from 7 million units to 6 million, pointing to hinge manufacturing challenges. His note keeps a Hold rating on Apple with a $369 price target. Apple has not commented on early pre-order demand. Store wait times can shift quickly in the days after a pre-order window opens, and Friday’s launch-day fulfillment will give a clearer read on how much of the pipeline clears at retail.