US LNG exports surge but will buyers in China turn up?
A report from Jefferies indicated that Apple (NASDAQ:AAPL)'s latest iPhone 16 Pro (16P) and iPhone 16 Pro Max (16PM) models are experiencing contrasting demand levels in various markets.
The 16P model, while sold out in China, has a lead time of only 10 days, whereas the 16PM version is facing a longer wait time of 2-3 weeks. This data was gathered since pre-orders commenced last Friday.
In the United States, customers have the option to pick up both the iPhone 16 Pro and Pro Max selectively on September 20 and 21, suggesting a more controlled inventory situation. The availability for in-store pickup contrasts with the delivery lead times observed in China and Hong Kong for the 16PM, which have remained consistently at 2-3 weeks.
The non-Pro models of the iPhone 16 are widely available in five of the six markets tracked by Jefferies, indicating a lower demand for these versions compared to the Pro models. The availability across multiple markets suggests that consumers may be favoring the higher-end models.
The report also noted that while the initial demand appears weak, the strong interest in the iPhone 16 Pro Max could potentially lead to an increase in Apple's average selling price (ASP). The sustained demand for the premium model, particularly in China and Hong Kong, points to a consumer preference for high-end features.
In other recent news, Citi has maintained a Buy rating for Apple stock, setting a target at $255, despite the European Union's highest court ruling that the tech giant must pay €13 billion ($14.4 billion) in back taxes to Ireland. This decision, concluding a decade-long legal dispute, is expected to impact Apple's earnings per share (EPS) for fiscal year 2024 by around 10%.
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