A lot of buoyancy around this name today
on Iraq. And what do you make of the Indian
sails? Yeah, you know, Caroline, I'm in your
camp. I think the sails push from India and
China are far more important than my view in the, you know, both in the short
run, in the longer run than than I. But, you know, but very, very happy to
see that India is a very big market for Apple.
I mean, the end market is over 600 million smartphones.
And Apple has, you know, less than 5% market share.
So over the long term, I think India is going to be a very exciting story for
Apple. But it's going to take some time because
currently China is eight times bigger than than India in terms of units,
smartphones or iPhones. So China still is the main story at this
point over the next 2 to 3 years. But I think India is very exciting for
the long term future of Apple.

So it might be like early days, but one interesting point of the reporting from Bloomberg was that of that $8 billion figure, more than half was iPhone sales rather than other devices or services. How do you have to play the Indian market differently, like in terms of ASPs or your patience for a growing or emerging middle class? Yes. So, you know, Apple can truly gain a lot of market share in India by, you know, lessening the price of their lower-end model. But they don't really, you know, play that game. They are all about, you know, the margins and then, you know, they don't play the market shell game. So we don't see them launching a cheaper phone or anything. I think the Indian market is going to be a gradual, I mean, gradually, and I say when I compare it to China, China is Apple market share in the Chinese market.

is 20%, and in India, it's less than
five. So over time, as the Indian consumer
becomes more affluent, when purchasing power becomes, you know
better than what it is right now, we think Apple is one area where they
gravitate to because of the luxury nature of the product, because of the
brand that's associated with the quality, it's associated with and
then the prestige.

Apple’s India Sales Surge 33% in Shift From China

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