When multiple analysts cite various supply chain sources to assert that Apple is apparently buying up all the DRAM it can get its hands on, you should pay attention.
And now, Goldman Sachs analyst Michael Ng has become the latest to add to this chorus, albeit taking a much more benign stance on the topic of Apple's margins.
A Goldman Sachs analyst takes a benign stance towards the impact on Apple's margins from its rampant DRAM-buying activities
We reported on a specific bit of supply chain chatter in early April, which suggested that Apple was actively buying up "all available mobile DRAM on the market" to prevent its competitors from securing enough memory chips.
A few days later, Daishin Securities partially validated that supply chain chatter by postulating that Apple was actively hoarding memory to prevent its competitors from reaching their respective shipment targets, all the while increasing its own iPhone shipment target to a still-conservative 240 million units.
Now, Goldman Sachs analyst, Michael Ng, has jumped into this melee, postulating that DRAM-driven margin fears around Apple are "overdone."
While acknowledging reports of Apple trying to secure as much mobile DRAM as possible, the Goldman analyst believes Apple will continue to show "outperformance on iPhone revenue, Mac revenue, and margins," with the latter aided by strong growth in iCloud+, AppleCare+, Apple TV, and advertisement-related revenues (ads in the App Store as well as Apple Maps).
Meanwhile, as an illustration of the sheer scale of Apple's footprint in the memory sphere, consider the fact that the Cupertino-based tech giant will consume a mind-boggling 2.4 exabytes of LPDDR5 memory for iPhones alone this year.
About the author: Writing is my one incontrovertible passion. Over the past six years, he has authored over 2,200 distinct articles on financial and tech-related topics, spanning nearly 1 million words. And he has been a member of Wcctech mobile team since 2025. As an alumnus of the University of Toronto, Rotman Commerce Program, I bring nuance, in-depth knowledge, and a unique perspective to every topic that I cover. When I'm not writing, I'm traveling the world, exploring hidden confectionaries and restaurants as an aspiring food connoisseur.
Follow Wccftech on Google to get more of our news coverage in your feeds.
