UBS says the firm’s recent survey of over 7,500 smartphone users in the U.S., UK, China, Germany, and Japan points to soft iPhone demand as artificial intelligence interest “remains muted.” The 12-month global iPhone purchase intent was unchanged in the U.S. at 24% while intent in China ticked 200 basis points lower to 17% from 19% last year, the analyst tells investors in a research note. In Europe, purchase intent in the UK and Germany “was a bright spot,” adds UBS. The firm notes the average age of an iPhone in the base is 21.8 months, up modestly from 21.3 months. AI-related responses were basically unchanged, as pricing remained the top concern among 51% of survey participants, according to UBS. Despite “muted” iPhone demand and interest in generative AI applications, the firm slightly raised its 2024 and 2025 global ‘smartphone’ sell-in estimates from 1.20B and 1.22B units to 1.21B and 1.24B, respectively. It keeps a Neutral rating on Apple with a $236 price target.