J.P. Morgan noted that Apple's third-quarter results for fiscal year 2026 showed that the current product cycle momentum exceeded expectations, with strong performance from the iPhone 17 and Mac series. The launch of the MacBook Neo expanded the addressable market, while edge AI demand also drove sales of multiple Mac products, boosting market share. However, supply constraints and rising memory costs offset some of the demand benefits. J.P. Morgan expects Apple to mitigate the impact on profitability through pricing strategies and cost reductions for non-memory-related components. Meanwhile, Apple is advancing the broad rollout of Siri AI, which will drive device upgrade cycles and monetization opportunities. Nevertheless, due to headwinds in supply and gross margins, J.P. Morgan has lowered its near-term earnings forecasts for Apple, though its long-term estimates remain less affected. The firm has slightly reduced its target price for Apple's fiscal year 2028 from $345 to $340 while maintaining an 'Overweight' rating.