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They probably literally don't have enough NAND to go around. 768GB of memory (48GB x 16) is enough for nearly 100 iPhone 17s; that's $80k (corrected) of iPhones at MSRP, although likely much lower margins than these high-RAM boxes.

They also cancelled availability of the 512 M3 Ultra months ago in many regions, likely just redirecting memory

800 USD/iPhone x 100 iPhones = 80k USD

Oops, thank you, corrected.

AFAIK these "rules" are artificial and there's nothing stopping Apple from having twice as much RAM. They just don't want to.

they`re skipping m6 pro and ultra