[Bernstein: iPhone Market Share Continues to Expand but Dragged Down by China, ASP Ends Six-Month Growth Streak] Deep Tide TechFlow reports, according to Trend Research, Bernstein's July 8 Apple tracking report shows that iPhone shipments in May increased by +2% year-on-year, with market share continuing to expand. Performance in the U.S., Japan, and emerging markets was strong, but revenue in China fell by -15.5% year-on-year. The main reasons were weaker promotional efforts during the 618 shopping festival and changes to subsidy thresholds. iPhone ASP (Average Selling Price) decreased by -1.2% year-on-year, ending six consecutive months of growth. The sales proportion of the e-series rose to 11%, pulling down the average price. Data from the first two months of FQ3 was slightly below historical seasonal averages. TSMC's N3P shipments were impacted by weak demand for the iPhone 17e and reduced discounts during 618, but AI demand is expected to fill the gap. iPhone DRAM content increased by +27% year-on-year to 9.6GB, with 8GB+ models accounting for 95%. Bernstein maintains its "Outperform" rating for Apple, with a target price of $350.