Executive Summary
Apple delivered a record $143.8 billion quarter with iPhone revenue surging 23% to $85.3 billion, but CEO Tim Cook explicitly warned that memory pricing will pressure Q2 gross margins beyond the minimal Q1 impact. The company exited December with 'very lean channel inventory' due to demand exceeding expectations, creating supply constraints on 3nm nodes that will limit Q2 shipments. Despite guiding gross margins to 48-49% for Q2, Cook stated 'we continue to see market pricing for memory increasi...
Key Investment Opportunity
iPhone 17 Cycle Extension Through Supply Constraints
Artificial scarcity from 3nm node constraints could extend the iPhone 17 supercycle beyond typical seasonality, creating sustained ASP leverage that offsets memory inflation
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