苹果警告假日季毛利率降至 45%，内存芯片涨价与 Siri AI 推理成本双重挤压
FT: Apple warned its holiday-quarter gross margin will slide to 45% (from Sept-quarter gross margin of 48%) as memory chip prices surge.
苹果警告假日季毛利率将从 9 月季度的 48% 降至 45%，原因是内存芯片价格飙升。数据中心建设者大量吸纳少数内存厂商的供应，使苹果通过零部件账单为 AI 热潮买单；CEO John Ternus 称这一定价前所未有，并预计 12 月之后成本还会继续上涨。剔除关税退款后，仅内存一项就使 9 月季度毛利率较 6 月下降约 1 个百分点，同期营收增长 12% 至 1145 亿美元。Siri AI 构成第二重拖累，其云端推理成本冲击服务毛利率，且更多设备收入按产品生命周期分摊确认。
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从苹果毛利率下滑看 AI 数据中心对内存芯片的挤占，以及 Siri AI 云推理成本对服务利润的拖累。
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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%.