Bernstein: iPhone market share continues to expand but dragged by China region, ASP ends six consecutive increases

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Deep Tide TechFlow news, according to Chaoxiang Research, Bernstein's Apple tracker report on July 8 shows that iPhone shipments in May increased +2% year-on-year, with market share continuing to expand. Performance in the US, Japan, and emerging markets was strong, but China revenue decreased by 15.5% year-on-year, mainly due to weakened 618 promotions and changes in subsidy thresholds. iPhone ASP decreased 1.2% year-on-year, ending six consecutive months of growth, and the e-series sales share rose to 11%, pulling down the average price. Data for the first two months of FQ3 is slightly below the historical seasonal average. TSMC's N3P shipments were dragged down by weak iPhone 17e and reduced 618 discounts, but AI demand will fill the gap. iPhone DRAM content increased 27% year-on-year to 9.6GB, with 8GB+ models accounting for 95%. Bernstein maintains an outperform rating on Apple with a target price of $350.
AAPL0.39%
TSM0.93%
DRAM5.25%
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