Which branch dominates?
Demand holds
Margin dilutes
Slip risk
September 2026 foldable launch: demand upside vs margin dilution vs slip risk
street watch: next catalyst
September 2026 launch
foldable + refreshed Pro
demand pull
>$1.5k upgraders, no cannib.
China +23%: MS ~12% prod
margin dilution
BofA: display cost > OLED
squeezes Services margin
re-rating pivot
re-rates into FY2027
upgrade-catalyst path
multiple stalls
despite launch success
launch slip risk
Nikkei delay report
~2% session de-rate
slippage gate