Been looking at this angle for a bit. If the next iPhone ends up using more complex boards, that pulls demand up the chain for CCL (laminate) and PCB suppliers, not just Apple itself.
The confirmed part: CCL prices are already rising, Kingboard's pushed through 7 price hikes this year. The speculative part is whether the new iPhone actually needs meaningfully more PCB content, that's still unconfirmed.
What's kind of interesting is Kingboard has actually outperformed Apple itself over the past month, so the market seems to be pricing this into the supply chain more than into $AAPL directly.
Risks are the usual stuff, crowded valuations already, demand coming in soft, or these price hikes not sticking.
Anyone here playing the supply chain side? Apple's event is coming up soon and wondering what you guys think.