Ed Ludlow

Their 13 to 16 implies another 20% growth quarter for iPhone.

And they're telling you there's still supply constraint.

So, that to me tells you that you have, again, a much longer runway with this product cycle than otherwise.

And obviously, demand is off the charts.

And really, it's a concern for everyone else in the smartphone space just how much market share Apple is poised to take.

Richard, demand was off the charts in China.

38% growth.

What happened?

Well, I mean, some of that, if you look back, was a relatively easy comp.

But equally, if you go back to last April or May, you know, we had to buy on the stock and we had to battle all the people saying, oh, Apple is going to get kicked out of China.

They're dead there.

They'll never sell any more phones.

You've got Huawei and Honor and Xiaomi and Oppo Vivo.

And there was this huge negativity about their China position, largely because of geopolitical elements as well.

But Apple has shown that they have a huge installed base there.

When they come out with a highly attractive product portfolio, consumers flop to it.

And they're also seeing good growth in some of the other products there, Macs, iPads, wearables.

and those tend to be first-time Apple customers.

Now, they under-index in the China market in services, because there's some services that aren't available there.

But, you know, clearly those who were writing Apple's obituary in China was a little bit premature.