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Since last year's WWDC, I’ve consistently held a cautious view of how much Apple Intelligence would boost iPhone shipments. Take a recent case (see link below), just two months ago, I argued that the market was too bullish on 2025 iPhone shipments and reiterated that Apple Intelligence would contribute less than expected to shipment volumes. Lately, the market consensus has shifted to a more cautious stance on iPhone shipments and Apple Intelligence (Siri), which supports my earlier predictions. Moreover, it’s clear that when Apple shared conservative shipment forecasts with its key suppliers early this year, they had already factored in Apple Intelligence’s underwhelming performance.