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Morgan Stanley comments on Apple (AAPL.US) entering the "Ternus era": premiumization, innovation, and comprehensive AI empowerment—from "incremental improvement" to all-out offensive

Morgan Stanley comments on Apple (AAPL.US) entering the "Ternus era": premiumization, innovation, and comprehensive AI empowerment—from "incremental improvement" to all-out offensive

智通财经2026/09/11 02:11
By: 智通财经
Recently, the 2026 Apple Autumn New Product Launch has officially concluded. Morgan Stanley released a research report stating that under the leadership of the new CEO, Apple is repositioning the iPhone as a smart personal hub. The foldable screen model Duo and Siri AI are at the core of this strategy.

According to zhitongcaijing APP, the 2026 Apple Fall New Product Launch has just concluded, marking the first major event under the helm of Apple’s new CEO John Ternus. Morgan Stanley released an event analysis report, stating that under the new CEO’s leadership, Apple is repositioning the iPhone as a smart personal hub, with the foldable model Duo and Siri’s artificial intelligence at the core of this strategy. Coupled with continuous iterative product innovation (multiple upgrades coming in spring next year in battery, camera, and health), significant differentiation in semiconductors and software, as well as favorable pricing factors, Morgan Stanley expects Apple to achieve above-industry-average growth in fiscal year 2027, is highly optimistic about Apple’s super-trend growth in FY27, and has raised its target price to $360.

The most significant change of tone at this Apple event is not a specific new product, but rather the debut of new CEO John Ternus, officially ushering Apple into the “Ternus Era.” The strategic core is clear: accelerated hardware innovation, premium pricing across the board, and deep integration of AI into real-life scenarios. This essentially signals that Apple is shedding its image of “incremental tweaks” from the past few years.

Foldable Screen iPhone Duo: $1999 as an Aggressive Signal

The first foldable iPhone Duo starts at $1,999, significantly lower than the market’s expected $2,300 to $2,500+, and even $1 cheaper than the Samsung Galaxy Fold7. This aggressive pricing sends a clear message: Apple’s strategy at this stage is to “capture foldable market share” and “drive adoption,” rather than obsess over the short-term profit margin of this device. Morgan Stanley predicts it will be easily sold out at launch. In other words, Apple is willing to trade price for scale, first securing the foldable entry-point, and then monetizing through ecosystem and services.

iPhone 18 Series: Major Hardware Leap, Contrarian Pricing Strategy

The iPhone 18 series brings significant hardware upgrades: debuting TSMC’s 2nm A20 chip, a 48-megapixel variable aperture main camera, and epic battery life—Pro Max offering up to 45 hours of video playback. However, the pricing strategy is even more intriguing: the Pro series increases by $100, and older models not only avoid the usual price cuts, but have also increased by $100. In simple terms, to offset higher 2nm and memory costs, Apple is willing to accept some profit margin pressure to protect “total profit.” At the same time, Apple is increasing the trade-in values for older devices—up an average of 13%—and offering high carrier subsidies, up to $1,200, to reduce the cash pain for consumers. This combination of “price hike + subsidy” preserves Apple’s premium positioning without sacrificing sales volume.

Apple Intelligence: From Native Apps to 300,000 Third-Party Apps

AI is the central incremental driver of this launch. Siri now handles 2.5 billion daily requests, equaling ChatGPT’s daily queries from a year ago. The biggest surprise: AI capabilities are no longer confined to Apple’s native apps, but are now deeply integrated with and controlling over 300,000 third-party apps such as WhatsApp, Outlook, etc. AI functions are also extended to the Apple Watch, supporting features like smart audio and Siri Recap. This means Apple’s AI strategy is evolving from “system-level features” to becoming a “gateway to everyday life”; its moat is no longer simply hardware, but cross-app and cross-device scenario control.

Wearables & Health: From Data Collection to Actionable Advice

The Apple Watch Series 12 and Ultra 4 feature a brand-new health sensing system that measures heart rate every five seconds, 24/7. More importantly, the major shift: moving from “simply collecting user data” to “providing actionable advice,” introducing the Readiness score and Health Age. This positions Apple’s health ecosystem as a key support for hardware premiumization, reinforcing its differentiated advantage in wearables.

Overall, this event signals that Apple has moved beyond micro-innovation and, under the Ternus Era, is pursuing a three-pronged approach: accelerated hardware, premium pricing, and AI integration. Aggressively priced foldables for market capture, iPhone price hikes to protect gross profit, AI opened to third-party apps, actionable health insights—all combine for a clear growth strategy. Morgan Stanley is optimistic for above-trend growth in FY27, targeting a price of $360. The challenges: whether premium pricing can be offset by subsidies and trade-ins, whether AI’s openness can translate into sustained revenue, and whether foldables can truly drive mass adoption. If executed well, Apple is poised to return to a high-growth trajectory.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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