Price increases haven't crushed demand! JPMorgan weekly tracking: Apple Inc. (AAPL.US) iPhone 18 Pro delivery lead times match last year's, Duo still out of stock for three months

JPMorgan's latest Apple Inc. (AAPL.US) product supply tracking report (Week 7) shows that iPhone Duo delivery lead times remain at about three months, and in-store pickup is unavailable in all tracked regions; meanwhile, iPhone 18 Pro and Pro Max delivery lead times continue to normalize, with the global average delivery lead time back to the level of the same period last year. The bank currently maintains its "Overweight" rating on Apple Inc. The report shows that in Week 7, the global average delivery-to-home times for iPhone 18 Pro and iPhone 18 Pro Max were 7 days and 21 days, respectively, down 5 days and 1 day from 12 days and 22 days in Week 6. As a comparison, in the same period last year, the global average delivery lead times for iPhone 17 Pro and 17 Pro Max were also 7 days and 21 days. That is, the global delivery lead times for both Pro and Pro Max have now caught up with the same period last year; in the previous week, Pro was 3 days lower than the same period last year, while Pro Max was flat. By region, Pro delivery lead times generally fell by 5 to 6 days across regions, while Pro Max remained unchanged in most regions. Meanwhile, the global average delivery lead time for iPhone Duo was 94 days, flat versus the previous week and still at about three months. JPMorgan believes that Duo's delivery expectations are unlikely to change materially before supply conditions improve. In the U.S. market, delivery lead times for iPhone 18 Pro and Pro Max were 8 days and 21 days, respectively, versus 14 days and 21 days in Week 6; in the same period last year, 17 Pro and 17 Pro Max were 8 days and 21 days, respectively. The report noted that Pro fell 6 days week over week, consistent with the similar 6-day decline in the same period last year, while Pro Max was flat in both periods. Duo delivery time remains about three months, unchanged from the previous week. On in-store pickup, all versions of iPhone 18 Pro and Pro Max are available for in-store pickup, while Duo is still unavailable for pickup. The U.S. accounts for about 34% of iPhone shipments. In the China market, delivery lead times for iPhone 18 Pro and Pro Max were 1 day and 22 days, respectively, versus 6 days and 22 days in Week 6; in the same period last year, 17 Pro and 17 Pro Max were 2 days and 19 days, respectively. As a result, Pro is currently 1 day lower than the same period last year, while Pro Max is 3 days higher than the same period last year. The report specifically noted that although the average delivery lead time for Pro is only 1 day, some configurations can be delivered in as little as 3 hours, indicating relatively broad supply across Pro configurations. Duo delivery time remains about three months, flat versus the previous week. On in-store pickup, all versions of iPhone 18 Pro and Pro Max are available for pickup, while Duo is still unavailable for pickup. China accounts for about 19% of iPhone shipments. In the European market, in Germany, delivery lead times for iPhone 18 Pro and Pro Max were 9 days and 22 days, respectively, versus 14 days and 22 days in Week 6; in the same period last year, 17 Pro and 17 Pro Max were 11 days and 23 days, respectively. Pro is currently 2 days lower than the same period last year, and Pro Max is 1 day lower. In the U.K., delivery lead times for iPhone 18 Pro and Pro Max were 8 days and 19 days, respectively, versus 14 days and 21 days in Week 6; in the same period last year, they were 8 days and 21 days, respectively. Pro is flat versus the same period last year, and Pro Max is 2 days lower. Duo delivery time in both Germany and the U.K. remains at about three months. On in-store pickup, in Germany all iPhone 18 Pro versions are available for pickup, but all Pro Max versions are unavailable for pickup; in the U.K., all iPhone 18 Pro and Pro Max versions are available for pickup; Duo is unavailable for pickup in both countries. Germany and the U.K. account for about 3% and 4% of iPhone shipments, respectively. JPMorgan noted in the report that, overall, despite price increases, Pro-series delivery lead times relative to the same period last year still show demand resilience; and once Duo demand is released as supply eases, it could have a significant impact on revenue, while also positively reflecting consumer interest in new designs and new form factors, as well as Apple Inc.'s ability to drive replacement and upgrade demand through design innovation.