[UBS: Apple's Artificial Intelligence Has Not Driven iPhone Upgrade Demand] According to a report by Jinse Finance on July 2, UBS stated that Apple Intelligence has not significantly accelerated the pace of users upgrading their iPhones, and the proportion of users citing AI features as a reason for upgrading has declined. Although iPhone purchase intentions in the U.S. and European markets remain robust, overall market demand is weakening. UBS maintains its original iPhone shipment forecast and keeps Apple's target stock price unchanged at $296.