The latest research notes from Apple analyst Ming-Chi Kuo states that due to unresolved technical issues before mass production, both high-end iPhone 15 Pro models (Pro & Pro Max) will abandon the closely-watched solid-state button design and revert to the traditional physical button design.

• Investors had anticipated that the new solid-state button design would increase suppliers’ revenues and profits; thus, this change is particularly unfavorable for Cirrus Logic (exclusive Controller IC supplier) and AAC Technologies (Taptic Engine supplier).

• Luxshare ICT, another Taptic Engine supplier for solid-state buttons, will likely be less affected by this change due to its significantly larger operating scale vs. AAC Technologies.

• The iPhone 15 Pro is currently in the EVT development stage, so there is still time to modify the design. In addition, removing the solid-state buttons and restoring physical buttons will simplify the development and testing process. Based on these factors, removing solid-state buttons should have a limited impact on the mass production schedule and shipments for Pro models.