A UBS global survey of over 7,500 smartphone users reveals muted demand for Apple's iPhone, with purchase intent unchanged in the U.S. at 24% and a slight decline in China to 17%. While pricing remains the top concern for 51% of participants, interest in AI applications has not significantly impacted iPhone demand. Despite these challenges, UBS has slightly raised its global smartphone sell-in estimates for 2024 and 2025, maintaining a Neutral rating on Apple with a $236 price target.