Conclusion. For the second week in a row, iPhone X supply improved materially both in-store and online. We now believe iPhone X will reach global supply demand equilibrium in mid January. This means the Mar-18 outlook will have a small bump up from December iPhone X demand getting pushed in the Mar-18 quarter. The bigger story is that the Street is underestimating the positive ASP impact from the iPhone X over the next few quarters, which should play out as a positive to the Apple story. Our FY18 overall iPhone ASP is $740 vs. the Street at $705.

Online lead times now globally at 3 days. We noted an improvement in global iPhone X lead times (8 countries), exiting the week (Dec 17th) at 3 days, down from 4 days at the beginning of the week. For the week (Dec 11th-Dec 17th) we measured a decline to an average of 5 days, compared to an average of 7 days in the previous week (Nov 4th-Dec 10th).

Apple Store availability at 44% up from 25% the previous week. We continued our daily monitoring of iPhone X availability, capturing 2224 daily in-store data points for 139 of the 271 U.S. Apple retail stores. Availability at U.S. Apple Stores increased to an average of 44% (Dec 11th-Dec 17th) compared to 25% in the previous week (Dec 4th-Dec 8th). We saw a dramatic ramp during the week, starting at 27% availability and ending at 54%.

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