It will support only the 2023 iPhone 15 Pro Max and iPhone 15 Pro, not the regular iPhone 15, and is already said to be able to help drive new iPhone upgrades when it launches this fall. "iPhone shipments increase is a genuine volume driver to the supply chain for 2H24 onward, especially after muted shipment strength in the past two years," Morgan Stanley said in a July 14 report. The bank estimates that 215 million iPhones will be shipped in 2024, with the number set to rise 9% year on year to 235 million units in 2025. If iPhone shipments do improve in the next few quarters, Morgan Stanley believes key beneficiaries in Asia will include Hon Hai, Largan, Luxshare, Genius, AAC and Foxconn Industrial Internet.