Ed Ludlow

Richard Kramer over at Aret was sort of outlining that if anyone's going to win in this scenario or have an outsized advantage, it's Apple because of the control it has over its supply chain.

Is that true in this day and age of AI where TSMC suddenly isn't totally reliant on Apple for its revenue flow?

It is getting so much more demand put on it from the likes of NVIDIA.

I actually misspoke a little bit earlier.

I'm going to correct myself.

I said that the iPhone revenues came in about $4 billion above consensus.

They didn't.

They came in almost $7 billion above consensus, but $4 billion above the absolute highest estimates.

And, of course, we don't get units anymore, right, handset units.

But what our previous guests also said is they're supply-constrained.

Right.

They left money on the table.

A lack of handsets.

Have you been able to model the success of this iPhone 17 and how well it sort of flew out the store and online?

Nabila, if the market's going to fall 5% this year, shipments will fall 5% this year because of the memory issue.

What is the kind of wild card that gives us a different result, right?

In the PC market, IDC has this forecast that says we're worried about memory, but actually AI PC could give us a bit of an uplift.

Is the same not applicable to the smartphone category?

Quickly.

That was a bit of a headline.