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Specialist SalesAPAC Specialist Sales26 May 2025JPMORGANJPM APAC Technology - AAPL-SEC/Computex/NVDADuncan Wagner+852 2800 8874duncan.wagner@jpmorgan.comApple Samik Chatterjee notes can largely offset potential tariffs via typical +5% $50 annual price increase given their pricing power. Samsung Elec Jay Kwon estimates may have to follow with price increases, but likely less ~low single-digits, and calculates US DX (consumer electronics) accounts ~8% total EBIT. HOYA Mio Shikanai revises ests thou EUV masks, HDD glass substrates intact which drive the stock. Rigaku Mio revises near-term ests due to EUV but expects presence to grow in X-ray - FY27 ests revised up. Gokul + tech team from Computex see strong confidence in Datacenter AI demand for NVDA.Key Highlights Today•Apple (O/W PT $240): Tariffs would increase likelihood of iPhone price increase + Samsung Elec impact – Samik Chatterjee link•HOYA (O/W – PT Y20,500): revise earnings ests – EUV masks, HDD glass substrates intact Mio Shi