Apple(US:AAPL) Zhi Tong Cai Jing·2026-01-19 08:41Group 1 - Apple Inc. (AAPL.US) experienced a 28% increase in iPhone shipments during the holiday season, regaining its leading position in the Chinese market despite a worsening shortage of key memory chips [1] - The iPhone 17 series attracted many consumers, with Apple's global smartphone shipments accounting for one-fifth of total shipments in the fourth quarter, while competitors like Huawei saw a double-digit percentage decline [1] - Overall, the global smartphone market saw a 1.6% decrease in shipments [1] Group 2 - In the annual shipment rankings, Apple was slightly behind Huawei, holding approximately 17% market share, with a 7.5% increase in shipments expected by 2025 [4] - The newly launched iPhone Air faced poor sales due to its late release in China and compromises made between thinness and functionality [4] - Apple's return to the top position is largely attributed to its integrated Apple Intelligence features, but future iPhone models will require larger RAM capacities, which poses financial challenges due to rising memory prices [4] Group 3 - Many consumer hardware manufacturers, including Apple and HP (HPQ.US), are under significant pressure due to high memory component costs, which have become an investment risk [5] - The semiconductor shortage is exacerbated by manufacturers allocating more capacity to high-end memory production for Nvidia's AI chips, leading to rising prices and squeezing smaller companies [5] Group 4 - The surge in memory demand has led to an unprecedented shortage, described as a "crisis" by IDC, with manufacturers facing skyrocketing chip prices [6] - Future memory prices are expected to rise by 40% to 50% in Q1 2026, followed by an additional 20% increase in Q2 2026, prompting OEMs to optimize their product lines [6] - Apple's significant shipment volumes will face material cost challenges, especially as low-price long-term supply agreements expire, impacting its gross margin [6] Group 5 - TSMC's CEO highlighted the uneven impact of memory shortages, stating that high-end smartphones have been less affected, with Apple benefiting from its strong market position and bargaining power [7] - Despite rising memory prices, Apple can prioritize supply, while competitors may face both high prices and supply shortages [7] - New consumer subsidies in China are helping alleviate cost pressures for manufacturers, but Apple's ability to maintain its leading position by 2026 will depend on how it manages the cost impacts of the memory shortage [7]