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UBS: Apple's AI Has Not Boosted iPhone Upgrade Demand

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On July 2, UBS stated that Apple Intelligence has not significantly accelerated the pace at which users are replacing their iPhones, with the proportion of users citing AI features as a reason for upgrading declining. Although the willingness to purchase iPhones remains strong in the U.S. and European markets, overall market demand is weakening. UBS maintains its original iPhone shipment expectations and keeps Apple's target stock price unchanged at $296.
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