M Idea Morgan Stanley & Co. LLC Erik W Woodring Equity Analyst Erik.Woodring@morganstanley.com +1 212 296-8083 Dylan Liu Research Associate Dylan.Liu@morganstanley.com +1 212 761-4519 Maya C Neuman Research Associate Maya.Neuman@morganstanley.com +1 212 761-1946 IT Hardware January 6, 2026 12:06 AM GMT IT Hardware | North America Taiwan Trip — Our Key Takeaways (1) iPhone strength is sustaining into CY26, (2) HDD supply shortage is getting more severe, (3) device price hikes could drive better 1Q26 seasonal ...