苹果警告内存涨价致毛利率下滑至 45%
苹果 CEO John Ternus 在财报会议上指出，受数据中心 AI 需求挤压供应影响，内存芯片价格飙升导致假日季毛利率预计从 48% 降至 45%。尽管营收增长，但硬件成本上升及 Siri AI 云端推理费用共同侵蚀了利润空间，且库存缓冲效应正在减弱。
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Rohan Paul (@rohanpaul_ai) · 2026-11-04 17
FT: Apple warned its holiday-quarter gross margin will slide to 45% (from Sept-quarter gross margin of 48%) as memory chip prices surge.
Data-centre builders are soaking up supply from a few memory makers, so Apple pays for the AI boom through component bills.
John Ternus, in his first earnings call as chief executive, called the pricing “unprecedented” and expects costs to keep rising beyond December.
Excluding tariff refunds, memory alone cut September-quarter gross margin by about 1 point from June, even as revenue rose 12% to $114.5B.
Price rises across Macs, iPads and iPhones, plus memory bought earlier, softened the blow, though Apple expects that stockpile benefit to fade.
Siri AI adds a second drag, since its cloud inference costs hit services margins and more device revenue gets booked over each product’s lifetime.
Budget phone makers fare worse: global smartphone shipments fell 20% last quarter while Apple’s share rose from 18% to 22%.
