Supply constraints and memory crunch

Apple faces 'very significant' supply constraints through 2027, creating a 3% growth headwind. MacBook Air delivery times slipping to late August/September, with Apple pushing customers to MacBook Pro. Memory costs and pricing hikes (15-25%) add margin pressure. BofA argues constraints, not demand weakness, drove guidance miss. Tariff refunds masked underlying margin pressure. New angle: CXMT sourcing for memory may help alleviate constraints.