Apple, Inc. (AAPL.O): iPhone 18 Lead Times – Flat Y/Y Is Actually A Good Start

Flattish iPhone 18 Pro/Pro Max lead times globally despite +18% Y/Y premium builds in C2H suggest demand may be tracking better than feared, despite a staggered Duo launch. At 4 days after pre-orders started (Tuesday, September 15th), iPhone 18 Pro/Pro Max lead times are 2-4 weeks, flat to slightly longer Y/Y vs. their respective iPhone 17 models, outside of China. Flat to slightly longer lead times could actually be interpreted positively because lead times reflect both supply and demand, and premium iPhone builds are 18% higher Y/Y in C2H26 - 71M iPhone 18 Pro/Pro Max/Duo builds in C2H26 vs. 60M iPhone 17 Pro/Pro Max builds in C2H25 - suggesting better product availability vs. last year. Two disadvantaged demand factors: (1) iPhone Duo availability starts 5 weeks later than the 18 Pro/Pro Max, so consumers seeking a high-end iPhone might delay purchasing;