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Upside down Tiangang! Apple $AAPL $XAAPL, known for aggressive price cutting, was told "no" by Changxin Memory this time. According to South Korean IT media reports, Apple recently negotiated with Changxin Memory for LPDDR5X and other mobile DRAM supplies, hoping to reduce the manufacturing costs of the next-generation iPhone and other smart devices by lowering purchase prices. However, Changxin reportedly refused to lower prices in this negotiation and insisted that their quotes could not be lower than those of Samsung Electronics and SK Hynix. The core reason Changxin dares to reject Apple is that it already has enough orders in hand. Domestic manufacturers like Huawei and Xiaomi have locked in capacity through long-term contracts in advance, allowing Changxin to avoid relying on low prices to win Apple’s orders. In the past, suppliers competed for Apple; now Apple is competing for limited memory capacity. The bigger background to this news is that AI is changing the global memory market. Samsung and SK Hynix are shifting more resources toward high-margin products like HBM4 and enterprise SSDs, tightening the supply of regular DRAM accordingly. Capacity is being absorbed by AI, naturally strengthening the bargaining power of memory manufacturers. This may not just be an ordinary procurement negotiation but also signifies that Changxin is transitioning from a "low-price challenger" to a mainstream supplier with pricing confidence. For Apple, procurement costs and supply chain diversification will face a new balance; for the memory industry, general DRAM prices may also receive further support. However, neither Apple nor Changxin has publicly confirmed the negotiation details yet. Refusing to lower prices does not mean the cooperation is terminated. The final outcome will depend on the interplay of price, capacity, certification progress, and other factors. #EarningsRealityCheck #SpaceXBeatEstimates #AMDBeatsButDrops