Apple Upgrade Could Lift These US Tech Hardware Stocks

Apple’s new “Upgrade” device leasing program with Klarna is not just a payments tweak. It changes how often customers might refresh their iPhones and where the financing profit sits. For investors, that kind of shift can ripple across U.S. technology hardware stocks, from suppliers to competitors, in ways that are easy to overlook. This article walks through 3 stocks from our U.S. Technology Hardware Stocks screener that are closely tied to this news. You will see how the same Apple Upgrade headline can create both potential openings and fresh risks for different business models.

Overview: Sanmina is a global electronics manufacturing specialist that designs, builds, and services complex hardware systems for large original equipment manufacturers across sectors like cloud infrastructure, communications networks, medical devices, defense, and automotive.

Operations: Sanmina generates about US$11.0b from Integrated Manufacturing Solutions and US$1.9b from Components, Products and Services, supported by a global footprint across the Americas, APAC, and EMEA.

Market Cap: US$9.24b

Sanmina sits in the slipstream of Apple’s Upgrade program as a large electronics manufacturing partner that can potentially benefit if iPhone volumes and refresh rates pick up. The company is also already leaning into higher value areas like AI data center hardware and cloud infrastructure. Recent revenue and EPS beats, plus plans to scale past US$16b in revenue by fiscal 2027, highlight how its automation investments and broader capabilities are being put to work, even as customer concentration and reliance on external funding add risk. For investors watching Apple driven hardware demand and the build out of AI infrastructure, the combination of growth ambitions, a P/E slightly below the Electronic industry average, and ongoing acquisitions such as ZT Systems makes Sanmina a company worth a closer look.

Sanmina’s push into AI hardware and Apple linked volumes may be only half the story. Get the full picture on margins, customer concentration and valuation in the 5 key rewards and 2 important warning signs

Overview: Sandisk Corporation develops, manufactures, and sells NAND flash based storage devices such as solid state drives, embedded storage for phones and laptops, removable cards, and USB drives that power everything from smartphones and PCs to data centers and connected home devices worldwide.

Operations: Sandisk generates about US$13.2b in revenue from developing, manufacturing, marketing, and selling data storage devices and solutions.

Market Cap: US$162.25b

Sandisk is positioned in the AI and smartphone storage segment, which is why Apple’s Upgrade program is important to watch. More frequent iPhone and laptop refreshes can increase demand for high-capacity NAND, in addition to Sandisk’s existing long-term deals with hyperscalers and its work on next generation BiCS technology. At the same time, the stock is priced for strong execution, operates in a highly cyclical memory market, and has experienced insider selling and sharp share price swings. For investors tracking premium hardware suppliers that could be affected by faster device upgrade cycles, but that also face cycle and pricing risk, Sandisk is a company that may warrant closer attention.

Sandisk’s AI and smartphone storage story looks powerful, yet memory cycles and pricing swings make the real picture less obvious. Get the full context in the analysis report for Sandisk

Overview: Fabrinet is a contract manufacturer that builds the high precision optical and electronic components sitting inside high speed networks, data centers, cars, and medical devices, handling everything from circuit board assembly to final testing for large equipment makers.

Operations: Fabrinet generates about US$4.2b in revenue primarily from Optical Networking Equipments, supplying original equipment manufacturers across telecom, data communications, industrial, automotive, medical, and sensor markets worldwide.

Market Cap: US$16.9b

Fabrinet sits at the crossroads of rising data traffic, AI networking and now potentially faster smartphone and device upgrade cycles, as Apple’s Upgrade program encourages more frequent hardware refreshes that rely on high speed connectivity components. The company has been reporting strong revenue and earnings growth, backed by capacity expansion and a long standing focus on complex optical modules for data centers and telecoms. At the same time, heavy dependence on customers like NVIDIA and Cisco, higher share price volatility, insider selling and a reliance on external funding mean the risk side cannot be ignored. For investors watching AI infrastructure and connected devices, Fabrinet’s mix of growth potential and concentration risk deserves a closer look beyond the headlines.

Fabrinet’s growth story around AI networking and high speed connectivity is gaining attention, yet customer dependence and volatility keep raising questions. Get the full picture in the 3 key rewards and 3 important warning signs (1 is major!)

The three stocks covered here are only a small sample of what this idea turns up, since the full screener has identified 43 more U.S. technology hardware companies with equally compelling narratives and different levels of exposure to themes like Apple’s upgrade cycle, AI infrastructure, and device refresh rates through the U.S. Technology Hardware Stocks screener. Use Simply Wall St to identify and analyze the specific catalysts and stories that matter to you, so you can focus on the highest conviction hardware opportunities across this group.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data
and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your
financial situation. We aim to bring you long-term focused analysis driven by fundamental data.
Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.
Simply Wall St has no position in any stocks mentioned.

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