Accessible version Technology - Asia Pacific (H/A) Apple supply chain: multi-year upgrade cycle to support share-price momentum Price Objective Change Supply chain check: flattish new model stocking Our checks reveal 2H25 new model stocking is at slightly above 90mn units, largely similar to last year's 90-95mn units. Also, we believe the market's previous bearish view (-5-10% YoY) has partially eased, following relieved tariffs around Apple products (see report). To cross check, key suppliers Largan/Zhen D ...