Early demand for Apple's iPhone 18 Pro and iPhone 18 Pro Max appears weaker than expected, according to GF Securities analyst Jeff Pu, who described initial pre-order wait times as "lukewarm" and has cut his production forecasts for both the Pro models and the upcoming foldable iPhone Duo.

Pre-orders for the iPhone 18 Pro range opened on September 12 in the United States and many other markets. Pu tracks shipping estimates as an indicator of demand, and the current picture suggests buyers are not rushing to place orders across most configurations.

What the wait times show

According to Pu, the strongest demand is concentrated on the higher-end Pro Max. In the U.S., 256GB and 512GB iPhone 18 Pro Max models carry a 3-4 week wait across all colors, alongside the Burgundy 1TB variant. In China, the Glacier Pro Max in 256GB and 512GB shows a 2-3 week wait.

Demand tapers off elsewhere in the lineup. Black and Glacier 1TB Pro Max models show 1-2 week waits in the U.S., while the Silver 1TB Pro Max, most 2TB Pro Max configurations and nearly every standard iPhone 18 Pro model are available immediately. The only standard Pro exception with a delay is the Burgundy 256GB option.

Why demand may be softer

Pu attributes the muted uptake to limited specification upgrades combined with higher pricing, particularly for the larger storage tiers. The iPhone 18 Pro starts at $1,199 in the U.S., while the iPhone 18 Pro Max starts at $1,299. Prices climb steeply for the 2TB models, reaching $2,399 for the Pro and $2,499 for the Pro Max.

The analyst also expects the iPhone 18 Pro Max to cede some sales to the foldable iPhone Duo. Pre-orders for the Duo are set to begin on October 16, with availability from October 23. Pricing for that device starts at $1,999 for the 256GB configuration and rises to $3,199 for the 2TB version, positioning it as a premium alternative for buyers weighing the top of the lineup.

Production estimates trimmed

On the supply side, Pu lowered his combined iPhone 18 Pro and Pro Max production estimate to 72 million units, citing constraints tied to the new variable aperture camera system. He separately reduced his 2026 build forecast for the iPhone Duo from 7 million to 6 million units, pointing to manufacturing challenges with the device's hinge.

Pu's latest investor note keeps a Hold rating on Apple stock with a $369 price target. As with all analyst projections, the figures are estimates rather than official Apple disclosures, and early wait times can shift as inventory and demand settle in the weeks after launch.

For prospective buyers, the takeaway is practical: shoppers eyeing most iPhone 18 Pro configurations may be able to secure a device with little or no wait, while those set on the most popular Pro Max storage options in specific colors could face several weeks of delay.