The special all-glass design edition prepared by Apple for the 20th anniversary of the iPhone has reportedly been canceled due to low mass-production yield rates. Jefferies analyst Edison Lee revealed this news in his latest report and consequently downgraded Apple's stock rating.
According to Lee's supply chain investigation, this commemorative model, originally scheduled for release in September 2027, was shelved due to the inability to consistently produce enough qualified units during manufacturing. The report states that the core issue was "low yield rates," with too many defective prototypes, preventing Apple from meeting its own production standards.
This highly anticipated device was described as featuring a four-sided curved display with nearly invisible bezels, resulting in a much more radical overall appearance than recent iPhones. Previous reports indicated that this design itself required compromises, including issues such as edge distortion and reduced maximum brightness. Apple had already applied for a patent for a hexagonal glass enclosure design back in 2019.
In his report, Lee estimated that if the model were to launch successfully, its combined retail price could reach approximately $2,060, potentially making it one of the most expensive iPhones in Apple's history.
The cancellation of this project is a blow to Apple's business plans. Lee pointed out that Apple had intended to use this model to offset the pressure from soaring memory costs and planned to gradually extend the all-glass design to future Pro and Pro Max series to further increase its average selling price and profit margins.
Affected by this news, Jefferies downgraded Apple's stock rating from "Hold" to "Underperform" (equivalent to a "Sell" rating) and significantly lowered its target price from $285.56 to $263.66. Following the announcement, Apple's share price briefly dropped by 2.1%.
Lee also cautiously noted in his report that it is currently unclear whether Apple has completely canceled the entire redesign plan for the 20th-anniversary edition or has only abandoned the most radical all-glass body scheme.
However, shortly after rumors of the cancellation spread, Bloomberg cited sources stating that Apple's product roadmap had not changed and that it still planned to release a 20th-anniversary edition iPhone, directly refuting the report by Jefferies analysts. This means there is still controversy surrounding the fate of this commemorative model, and the final design remains to be confirmed by further information.