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Apple's IPhone Demand Remains Solid Despite Muted AI Upgrade Interest, UBS Says

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Apple (AAPL) is seeing robust smartphone demand across the US and Europe, driven by a growing appetite for a potential "foldable" device rather than the company's heavily marketed artificial intelligence features, UBS Securities said in a note Wednesday.

A survey by UBS Evidence Lab of more than 7,500 smartphone users found 12-month iPhone purchase intent in the US rose about 300 basis points year-over-year to roughly 20%, while the UK and Germany also posted notable gains.

China saw a modest decline, and the "average age" of iPhones in use edged down to about 22.9 months but remained near "survey highs."

Apple Intelligence is not "driving upgrade activity," as the share of respondents saying the AI features would prompt an earlier upgrade fell, while those reporting "no impact on their purchasing decision" increased. However, the firm said sentiment toward a potential foldable iPhone remains positive and could become a more meaningful catalyst for demand than AI features, according to the report.

UBS maintained its September-quarter and fiscal 2026 iPhone forecasts. The firm has a neutral rating on Apple with a price target of $296.

Price: $294.64, Change: $+5.28, Percent Change: +1.82%

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