The numbers underscore Apple’s brand loyalty in China despite growing competition from the likes of Huawei, analysts say.

In conjunction with the downgrade, D.A. Davidson upgraded Nvidia stock to Buy from Neutral and lifted their price target to $210 from $195. Among megacap stocks, the AI chip maker provides “greater upside at a lower multiple” compared with Apple, the firm wrote.

In addition to new phones, Apple unveiled its new line of Apple Watches, the Series 11. The watch, available September 19 for $400, comes with a new feature that the company says can detect hypertension, which Apple says its working to clear with the US Food and Drug Administration.

On Wednesday morning, three of the top 10 trending topics on microblogging site Weibo were iPhone-related, two of which focused on pricing.

Apple introduced the new iPhone Air with advanced features and maintained prices despite tariff challenges affecting its profits. The launch event showcased its new tech lineup, including upgraded iPhones and AirPods Pro.

The big reveal is expected to be a thinner iPhone called the Air, a new midrange device to replace the Plus model iPhones from prior years. The company is also expected to announce new iPhone 17 models as well as incremental upgrades for the Apple Watch, iPad and AirPods.