China Smartphones (Cut Outlooks), DRAM & NAND Pricing Updates, Deepseek Dspark, & More —Headline Review (Semis & IT Hardware)

研报英文原文证据摘录

China Smartphones (Cut Outlooks), DRAM & NAND Pricing Updates, Deepseek Dspark, & More —Headline Review (Semis & IT Hardware)

Equity Research

Flash Comment — June 30, 2026

IT Hardware & Communications Networking

Semiconductors

China Smartphones (Cut Outlooks), DRAM

& NAND Pricing Updates, Deepseek Dspark,

& More —Headline Review (Semis & IT

Hardware)

Our Call Aaron Rakers, CFA

In an effort to try to keep pace with the rapid news flow across our Semiconductor & IT Equity Analyst | Wells Fargo Securities, LLC

Aaron.Rakers@wellsfargo.com | 314-875-2508

Hardware universe, we summarize a few of the key headlines we saw this morning.

Michael Tsvetanov, CFA

Associate Equity Analyst | Wells Fargo Securities, LLC

Initial Thoughts Michael.Tsvetanov@wellsfargo.com | 314-875-2558

Richard Strifler, CFA

1. Xiaomi, Oppo, & Vivo Cut 2026 Smartphone Targets Associate Equity Analyst | Wells Fargo Securities, LLC

Richard.Strifler@wellsfargo.com | 314-875-3234

• This morning key Chinese smartphone producers lowered smartphone unit shipment

forecasts for the second time this year (mid-Jan cuts) driven by severe component

shortages and costs.

• Unit forecast cuts noted up to another 30%, with Xiaomi at ~95M units (vs. initial

135M forecast, ~170M 2025 ship), noting further potential downside if supply

conditions do not improve. Oppo and Vivo have lowered forecasts to <90M each (vs.

~100M and ~97M in 2025).

• We would note Gartner estimates the 3 smartphone producers accounted for ~74%

and ~30% share of 2025 China and global markets.

• We would highlight China smartphone units currently holding up better than

previously anticipated, flat % y/y through May, with May China smartphone shipments

reported at 26.8M (+19% y/y & +7% m/m), leaving 3-mo ending May smartphone