Chip/memory crunch H2 margin risk, Intel 18A/A21 deals
Key Questions
Is Apple using Intel's foundry for iPhone chips?
Reports confirm Apple is exploring Intel's 18A and A21 processes as a hedge against TSMC dependence for future iPhone production.
What margin risks does Apple face from memory shortages?
KeyBanc flagged that DDR5 and HBM shortages could pressure gross margins into the 47.5-48.5% range due to rising component costs.
How is Apple improving chip yields and margins?
Apple disables under-spec chips for use in lower-tier products, which boosts overall manufacturing yields and supports margin stability.
What has Tim Cook said about memory costs?
Tim Cook noted rising memory prices and their growing impact on Apple's cost structure and profitability.
What are the broader implications of an Apple-Intel deal?
A confirmed Intel foundry link could accelerate ASML growth while shifting some semiconductor supply away from TSMC dominance in the 2026 chip landscape.
Intel 18A/A21 iPhone hedge vs TSMC confirmed; DDR5/HBM shortages risk 47.5-48.5% margins amid rising costs flagged by KeyBanc. Apple disables under-spec chips for tiered products boosting yields and margins.