FlashMovie
Apple (NASDAQ:AAPL) suppliers, such as Taiwan Semiconductor Manufacturing Company (NYSE:TSM), stand to benefit as the Cupertino-based company looks to boost iPhone shipments this year.
TSMC produces chips not only for iPhones, but also for iPads, Watches and Macs. Its shares ticked up 3% on Wednesday. Apple accounted for about 25% of TSMC’s sales in 2023, according to financial analyst Dan Nystedt, who cites this SEC filing, where Apple is listed as “Customer A.”
Idaho-based Micron Technology (NASDAQ:MU), which produces some of Apple’s memory chips, jumped 4%.
Other tech companies that count Apple as their largest customer, include Skyworks Solutions (NASDAQ:SWKS), up 3%; Qualcomm (NASDAQ:QCOM), up 0.2%; and Qorvo (NASDAQ:QRVO), up 3.6%.
Texas Instruments creates the touchscreen controllers for iPhones. It inched up 1%. The German-based Infineon (OTCQX:IFNNY), which develops iPhone network components, was also 1% higher.
New York-based Corning (NYSE:GLW) produces Gorilla Glass which is used by Apple for its drop-resistant device screens. Its stock was 2% higher on Wednesday afternoon.
Apple Intelligence, which is integrated into the new iOS 18, is expected to bolster iPhone demand.
“We think the main attraction of Apple Intelligence is that it could incentivize an upgrade cycle despite the macro slowdown, or at least improve sales for the new line-up to beat expectations,” said Seeking Alpha contributor Tech Stock Pros, in a report last week.