33.0 million smartphones were shipped in Europe (excluding Russia) in the first three months of 2026, reports Omdia. This is an increase of 2% compared to the first quarter last year, but there is trouble brewing ahead, say the analysts.
Evercore ISI raised its price target on Apple ( NASDAQ:AAPL | AAPL Price Prediction) to $365 from $330 while reiterating its Outperform rating, and the firm flagged a bull case scenario of $500 tied to a Services compounding thesis. Apple stock trades near $299, just below its 52-week high of $300.92.
Apple has depended on Taiwan-based TSMC to build the chips that power iPhones and Macs for over 10 years. CEO Tim Cook stated that chip shortages are constraining growth for products like the Mac mini and iPhone 17 Pro, indicating a need for more flexibility in the supply chain.
Apple's long-standing partnership with Intel has shifted as the company now relies solely on TSMC for chip supply. However, recent supply chain disruptions have prompted Apple to reconsider this strategy.
Apple has reportedly approached Samsung and Intel about building 'main device chips' in a bid to reduce its dependence on TSMC. The iPhone maker is said to have had early-stage talks with Intel and recently visited a Samsung chip plant currently under development in Texas.
