Apple Supply Chain: Implications: Resilient iPhone and Mac demand, but continued rising memory cost likely weighing on supply chain

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Apple Supply Chain: Implications: Resilient iPhone and Mac demand, but continued rising memory cost likely weighing on supply chain

J P M O R G A N Asia Pacific Equity Research

31 July 2026

Apple Supply Chain

Implications: Resilient iPhone and Mac demand, but

continued rising memory cost likely weighing on supply

chain

Apple (OW, covered by J.P. Morgan analyst Samik Chatterjee – see note) reported Technology

ACJun-Q results with corporate revenue growing 16% YoY to US$109bn, which came William Yang

in at the relatively high end of management’s previous guidance range of 14-17% YoY (886-2) 2725-9899

growth. The strong Product revenue (+18% YoY) was underpinned by robust iPhone william.yang@jpmorgan.com

17 family and Macbook Neo demand despite supply constraints, as well as the Megan Hsueh

company’s solid share gains. For Sep-Q, Apple expects 9-11% YoY revenue growth, (886-2) 2725-9249

which is below Bloomberg consensus of +12% YoY given the 2.5ppt FX headwind megan.hsueh@jpmorgan.com

J.P. Morgan Securities (Taiwan) Limited

impact along with further increasing supply constraints (especially SoCs) across

iPhone, Mac and iPad. Despite the headwinds, management guides iPhone revenue

to grow mid-teens YoY in the coming quarter, backed by resilient demand from share

gain. However, as memory cost hikes continue to impact Apple’s product margin, the

potential price increases on the upcoming new iPhones may lead to demand

uncertainties (though relatively low price elasticity for iPhones), while the cost

reduction pressure on non-memory components should also weigh on related supply

chain vendors. Hence, we maintain our below-consensus iPhone EMS build estimates

of flat YoY in 2026.

• For the iPhone supply chain: 1) For 2H26, our total iPhone EMS build