[Morgan Stanley: iPhone 18 Component Orders Cut by 15%, Terminal Production Yet to Follow] According to Deep Tide TechFlow, citing research from TrendForce, Morgan Stanley's October 8, 2026, report noted that component orders for the iPhone 18 Pro/Pro Max have been reduced by at least 15% just four weeks after launch. Largan Precision stated that customers have reduced orders, and delivery times have shortened to 1.5 to 4 weeks. Morgan Stanley maintains its iPhone shipment forecast: 57 million units for the September quarter and 76 million units for the December quarter. The firm believes that the reduction in component orders has not yet impacted terminal production, as Foxconn and TSMC have not reduced their production capacity. However, if the demand trend persists, the risk of production cuts in 2027 and beyond will increase. Morgan Stanley maintains an overweight rating on Apple, with a target price of $355. Changes in orders for Foxconn and TSMC will be the next observation point.