苹果玻璃机身iPhone仍按计划推进，20周年机型或为高端款

Overnight, Bloomberg reported that iPhone is still on track. Let's try and understand this. Some analysis with Anarana of Bloomberg Intelligence. I it's almost in isolation the idea that there will be a 20th anniversary largely glass handset. The bigger point that Jeff was making is they want to see Apple find a mechanism to raise ASPs and maintain higher ASPs for longer. Let's start there. Why does that even matter?

See, the reason it matters right now is because of higher memory prices, you will have an impact on unit shipments. Now, Apple's really gained market share over the last two quarters. And in fact, we think it's going to be this quarter as well because it's only one of the only ones in the premium segment that has not raised iPhone prices. And that's going to most likely happen in the fall. So, you know, eventually when you raise prices for consumer devices, the shipments go down.

So ASP increase is the single most important thing for them to continue to show iPhone segment growth rate for the the next couple of years. In Mark Gurman's reporting, we don't have a price for the the proposed 20th anniversary glass ccentric iPhone. But I guess the logic is that that would be a premium model. It's one mechanism along with the folding phone to have a mix of handsets where you can command ASP higher ASPs.

Yeah, absolutely. In fact, the foldable if it comes out to what I think Mark has said somewhere around what $2,500 or somewhere in that range, I mean, that's a massive lift compared to whatever the base price of 1,200 or 1,300 for a Pro Max or somewhere in that. So, I mean, you can even imagine for

that audience that can buy a Pro Max, you know, you're going and and getting a a similar device with a much higher ASP. So, that's a big lift to that. The question really is how many of those are there in u you know your ecosystem because think about it Apple sells somewhere in the range of 220 to 240 million phones a year. I mean how many of those could be in that category. So I think that's the that's a more important piece at this point.

Um but memory price is far far more important for Apple than anything else.

What Mark reported last night is that Apple still plans to launch iPhone Pro models next year that have the glassy look. glass used on the front and back uh curving into the sides of the devices that have a metal band. An Apple representative declined to comment. Real quick, uh what did Apple get wrong in that earnings print last quarter? Was it supply chain mismanagement, misreading demand?

I think it could be just a matter of that the stock has gone through a massive run. I mean, if you look at the multiple before it started to go down, it was in the low30s where all the hyperscalers were, you know, trading in the low 20s. So I think it's a big mismatch in terms of valuation than anything else. I think everything else they said was pretty much in line with what people were expecting and a big big iPhone number which is not easy to replicate frankly uh given the history of the uh the phone being saturated around the world.