Fresh supply-chain chatter is putting Apple back in the spotlight, and this time it’s all about memory. When several analysts independently point to the same trend—Apple aggressively locking down mobile DRAM supplies—it’s worth taking seriously, especially as investors debate what that could mean for iPhone production and profit margins.
The latest voice weighing in comes from Goldman Sachs analyst Michael Ng, who takes a notably calmer view than the market noise suggests. While reports indicate Apple is trying to secure as much mobile DRAM as possible, Ng argues that fears about DRAM costs crushing Apple’s margins are likely overdone.
Earlier supply-chain discussion claimed Apple was buying up essentially all available mobile DRAM in the market, a move interpreted by some as a strategy to limit competitors’ access to key components. Not long after, additional analysis suggested Apple may be stockpiling memory to help rivals miss shipment targets—while simultaneously raising its own iPhone shipment goals to a still conservative 240 million units. Whether the intent is pure risk management or a more competitive posture, the message is the same: Apple appears determined to ensure it has the parts it needs.
Goldman’s stance is that, even with tighter memory supply and potential cost pressures, Apple is positioned to keep delivering strong results. Ng expects continued outperformance across iPhone revenue and Mac revenue, and he believes margins can remain resilient. One reason is Apple’s growing mix of higher-margin businesses, including continued momentum in services and recurring revenue streams. The analyst points to strength across offerings such as iCloud+, AppleCare+, Apple TV, and advertising-related income—driven by placements like App Store ads and ads tied to Apple Maps.
To understand why this discussion matters, it helps to look at the scale Apple operates at. This year alone, Apple is expected to consume an estimated 2.4 exabytes of LPDDR5 memory for iPhones. That staggering number highlights two realities: Apple has enormous purchasing power, and memory availability can become a major strategic lever in the smartphone supply chain.
For anyone watching Apple stock, iPhone shipments, or the broader semiconductor supply chain, the key takeaway is this: the market is focused on DRAM pricing and potential margin pressure, but at least one major Wall Street analyst believes Apple’s product strength, expanding services business, and longer-term roadmap can offset much of that risk.
