Apple Product Availability Tracker_ Stability of Lead Times for Pro Models Suggest Improving Momentum and Mix

Summary of Key Points from the Conference Call Company and Industry - Company: Apple Inc. (AAPL) - Industry: IT Hardware/Telecom & Networking Equipment Core Insights and Arguments - Product Availability Tracker: Stability in lead times for Pro models indicates improving demand momentum for iPhone 16 Pro models compared to initial weeks post-launch [1] - Lead Time Trends: - Lead times for iPhone 16 products are now tracking in line with iPhone 15 series for base and Pro models, while lower for Plus and Pro Max models [1] - Aggregate lead times moderated by 1 day relative to Week 4, contrasting with a 5-day moderation for iPhone 15 series last year [1] - Specific moderation noted: - iPhone 16: 1 day (vs. 12 days last year) - iPhone 16 Plus: 3 days (vs. stable last year) - iPhone 16 Pro: 1 day (vs. 7 days last year) - Pro Max: stable (vs. 2 days last year) [1] - Global Delivery Tracker: - Delivery lead times for iPhone 16, 16 Plus, and Pro eased slightly, while Pro Max remained stable [1] - Average delivery-at-home timing for iPhone 16 series in Week 5: - 16: 3 days - 16 Plus: 3 days - 16 Pro: 21 days - 16 Pro Max: 29 days - Comparison to last year shows variations in delivery times for iPhone 15 series [1] - Regional Insights: - US: Lead times for iPhone 16 and 16 Plus at 4 days each, Pro and Pro Max at 21 and 28 days respectively, unchanged from Week 4 [1] - China: Lead times for iPhone 16 and 16 Plus reduced to 1 day each, while Pro and Pro Max at 20 and 26 days respectively [1] - Europe: - Germany: Lead times for iPhone 16 and 16 Plus at 3 days each, Pro and Pro Max at 22 and 31 days respectively [2] - UK: Lead times for iPhone 16 and 16 Plus at 5 days and 4 days respectively [2] Other Important but Possibly Overlooked Content - Market Share: The US accounts for approximately 32% of iPhone shipments, while China accounts for about 20%, and Germany and the UK each account for around 5% [1][2] - Analyst Ratings: J.P. Morgan maintains an "Overweight" rating for Apple, indicating expectations for the stock to outperform the average total return of its coverage universe [5] - Investment Banking Relationships: J.P. Morgan has ongoing business relationships with Apple, which may influence the objectivity of the report [5] This summary encapsulates the key points from the conference call, highlighting the trends in product availability, lead times, and regional performance, along with the company's market positioning and analyst ratings.