The recent UBS global survey of smartphone users in the U.S., UK, China, Germany, and Japan suggests a decrease in demand for Apple's iPhone, as well as a lack of interest in artificial intelligence.

The survey revealed that the average age of an iPhone among users has increased to 21.8 months from 21.3 months. Pricing concerns continue to be the primary issue, with 51% of participants expressing this concern.

Despite the lower demand for iPhones and limited interest in generative AI applications, UBS has slightly adjusted its global smartphone sell-in estimates for 2024 and 2025, increasing them to 1.21 billion and 1.24 billion units, respectively, from the previous estimates of 1.20 billion and 1.22 billion units. UBS maintains a Neutral rating on Apple and has set a price target of $236.