APPLE TRACKER (August): Strong YoY growth and share gains continue with first read on iPhone 18 demand mixed

This is Bernstein's Global Technology Apple Tracker for August, drawing on Counterpoint and Sensor Tower data to analyze iPhone sales, services and implications for Apple's supply chain. Global iPhone sell-through remained strong in August with positive YoY growth across all markets, and revenue grew even faster, driven by both unit volume and ASP growth; the iPhone 17 series continued to significantly outperform the prior generation. Apple also gained share in China on both a YoY and MoM basis. Initial market feedback on the iPhone 18 Pro and Pro Max was mixed: US demand declined slightly YoY, China's launch was relatively positive, while Japan, Korea and the UAE were weaker and India was optimistic. Units and revenue in the first two months of FQ4 ran modestly below expectations, mainly due to the absence of a base model this quarter. On the supply chain side, weaker TSMC N3P shipments and sharply higher memory prices may weigh on future models, but Apple's supply chain continues to