Apple Reports Supply Constraints on Mac Mini, Studio, and Neo Due to AI-Driven Demand

Apple reported Mac revenue of $8.4 billion for the second quarter ended March 28, up 6% year-over-year and exceeding Wall Street's expectations of flat growth. CEO Tim Cook attributed the unexpected surge to AI-driven demand, with Mac mini and Mac Studio devices selling out as customers like Perplexity adopted them for running local AI models like OpenClaw. The newly launched MacBook Neo, which began preorders on March 4, also experienced supply constraints with demand that Cook described as "off the charts," helping Apple set a record for new Mac customers. Apple now faces supply constraints across Mac mini, Studio, and Neo models that may take several months to resolve, with the $599 Mac mini reportedly no longer available after becoming China's top-selling desktop.

Mac Revenue Performance Exceeds Wall Street Expectations

• ▪Apple reported Mac revenue of $8.4 billion in the second quarter ended March 28.
• ▪Apple Mac sales were up 6% year-over-year in the second quarter ended March 28.
• ▪Apple Mac revenue was flat on a quarter-over-quarter basis in the second quarter ended March 28.
• ▪Apple's total revenue was $111.2 billion in the second quarter ended March 28, a 17% increase from the same period last year.
• ▪Wall Street investors had expected Apple Mac revenue in the low $8 billion range for the second quarter ended March 28.

AI-Driven Demand Creates Supply Constraints Across Mac Product Lines

• ▪Tim Cook attributed Apple Mac sales growth to the use of the platform for running local AI models like OpenClaw.
• ▪Customer demand for Apple Mac mini and Mac Studio for AI and agentic tools was higher than Apple had predicted.
• ▪Apple Mac mini and Mac Studio devices sold out in recent weeks due to demand for running local AI models.
• ▪Apple Mac mini was the top-selling desktop in China during the second quarter ended March 28.

MacBook Neo's Launch Success and Market Expansion

• ▪Most Apple MacBook Neo units shipped mid- to late March after preorders began on March 4.
• ▪Apple set a record in the second quarter ended March 28 for customers new to the Mac, partly due to the MacBook Neo.
• ▪Certain Apple MacBook Neo models sold out, pushing some demand into April.
• ▪Apple MacBook Neo preorders began on March 4.
• ▪Apple was supply constrained on the MacBook Neo during the second quarter ended March 28.

Perspective of Wall Street investors

• ▪Wall Street investors underestimated the impact of AI-driven demand on Apple Mac sales in the second quarter ended March 28.

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