, a promising sign heading into the rest of the year when compares get even easier. Supply chain revisions have bottomed. Our Asia tech team led by Jasmine Lu believes supply chain inventory digestion has come to an end. She currently models 40M builds for both the March and June quarters. However, suppli

directionally though we think the magnitude of the iPhone demand upside is probably not this high in the March quarter. Our Asia tech team, led by Jasmine Lu estimates 40M iPhone supply chain builds, and we think there is at least another 10M of inventory. Therefore, combining supply and demand side data