Apple: Product Availability Tracker Wk3: Limited Moderation in Lead Times Suggests Healthy Pro Demand; China Gap Continues to Narrow

In Week 3 of our Apple Product Availability Tracker, lead times moderated only marginally from the sharp expansion recorded in Week 2, with the iPhone 18 Pro flat w/w at 23 days and the iPhone 18 Pro Max down 1 day w/w to 29 days; a smaller moderation than observed in the 17 Pro cycle from Week 2 to Week 3 last year. While high lead times at this point in the cycle are not uncommon, the limited moderation into Week 3 suggests demand remains healthy following the stronger than expected Week 2 expansion. The Pro lineup continues to track broadly in line with the iPhone 17 Series across the US and Europe, with the 18 Pro modestly ahead of the prior year globally and the 18 Pro Max modestly below. China, which had been the only region tracking below the prior year in relation to lead times, evidenced much lower moderation than last year over the last week, such that 18 Pro is now tracking ahead y/y and Pro Max gap is tracking modestly below but narrowing the gap to last year. In the US, le