On memory costs, I lean toward Apple passing through part of the increase rather than fully absorbing it. DRAM and NAND inflation is too large to ignore, and absorbing it would hurt long-term earnings power. Modest price increases with stable demand would actually be more bullish, as it reinforces pricing power.
Overall, I’m cautiously positive but not expecting a breakout. The real catalysts are WWDC and AI/Siri progress, plus the iPhone Fold cycle in 2026. If Apple avoids a margin shock and shows incremental AI progress, I’d view this as a stabilisation quarter rather than a peak moment.
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