Apple is considering an upgrade for the iPhone 19 Pro Max, potentially increasing its memory to 16 gigabytes from 12 gigabytes, Jefferies analysts say in a research note, citing recent supply-chain checks. "We think this suggests Apple Intelligence would be unable to justify putting much more DRAM into the iPhone at the current memory price," the analysts write. "Moreover, should memory prices continue to rise more than expected in FY27, it is entirely possible that Apple would give up on this upgrade idea." They estimate that an additional 4 gigabytes of memory would likely add an extra $60 to $70 to the iPhone's bill of materials. Jefferies downgrades Apple and cuts its price target. Shares ebb 2%.