UBS tells investors in a research note that the firm’s smartphone survey of over 7,500 smartphone users in the U.S., U.K., China, Germany, and Japan suggests soft iPhone demand as AI interest remains muted. The firm says 12-month global iPhone purchase intent was unchanged in the U.S. at 24% while intent in China ticked 200 bps lower to 17% from 19% last year, and that outside of China, GenAI interest remains lukewarm with just 30% of respondents indicated they are “interested” in a smartphone. UBS keeps a Neutral rating and $236 price target on Apple (AAPL) shares.
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