Supply Chain & Margin Pressure

Memory cost pressure from DRAM/NAND (Micron) and AI investments squeezing gross margins (47.5-48.5% vs 49.3%). Qualcomm warns of lower modem share in iPhone, signaling Apple's in-house modem shift accelerating—50% sequential revenue drop from Q4 to Q1, iPhone 18 timeline. Supply constraints, not just design wins, driving faster decline. Intel 18A foundry talks, TSMC capacity constraints, China CXMT pivot. Structural cost risks for H2.