Dan Niles warns Apple could pressure U.S. memory stock

Dan Niles thinks $AAPL may eventually be allowed to buy Chinese memory for iPhones sold inside China
That would be a major risk for U.S. memory names like $MU.
The argument is not really technical.
It is political
China is one of Apple’s most important markets, and keeping iPhone prices stable could matter heading into an election cycle.
Niles argues that if any company can secure an exemption, it is Apple.
Tim Cook has repeatedly shown he can navigate Washington, tariffs, China exposure, and supply-chain politics better than almost anyone in tech.
For $AAPL, the move could protect margins and pricing in China.
For $MU and other memory suppliers, it could create a new competitive shock if Chinese memory gets a path back into Apple’s supply chain.