Rumors have long indicated that Apple is working on an all‑glass new iPhone design for the 20th anniversary next year. However, Wall Street firm Jefferies downgraded its Apple stock rating to “Underperform,” with analyst Edison Lee citing the possible cancellation of the 20th anniversary iPhone redesign as a major reason. The downgrade hinges on the suspected cancellation of Apple’s all‑glass iPhone, a project rumored since 2025 and slated for a 2027 launch. Although Apple never commented, the company filed a patent for a “six-sided glass enclosure” in 2019. Supply chain checks suggest the project was halted due to low yield, representing a setback for higher‑priced iPhone efforts amid soaring memory costs. Had it launched in September 2027, the device would have carried an estimated blended retail price of $2,060, higher than any previous model. Lee notes that the plan was to extend all‑glass features to future iPhone Pro and Pro Max models, further raising average selling price and margin. It remains unclear whether the entire redesign has been shelved or only the all‑glass display, while a quad‑curved design may still be coming. Apple’s AI strategy and rising component costs for the iPhone 19 Pro were also highlighted as reasons for the downgrade.

Jefferies’s decision reflects concerns over memory price inflation and the loss of a premium product that could have bolstered margins. Analysts anticipate that other reputable sources will soon provide corroboration on the redesign’s fate. The industry will watch for any future patents or supply chain signals that might indicate a partial revival of the ambitious design concept.

The impact on consumers remains speculative, but the cancellation underscores Apple’s challenges in balancing innovation with cost pressures as it approaches the iPhone’s 20th anniversary milestone.