Apple holds up as China smartphone market weakens

China smartphone shipments fell 4.3% in Q2, but $AAPL and Huawei both grew roughly 20% YoY.
That suggests consumers are still willing to buy premium devices, even as the broader market slows.
Globally, smartphone shipments fell 6.7%, with Apple and Samsung holding up better than budget Android vendors.
The cost pressure is coming from memory.
IDC says memory costs are up nearly 300% YoY and now make up more than 65% of the bill of materials for low-end phones.
That is squeezing brands like Xiaomi, Oppo, and Vivo.
For $AAPL, premium positioning is becoming a major advantage in a weaker smartphone cycle.