English transcript

If any of you have the latest iPhone in your pocket, the iPhone 17, it was made in India.

Every single iPhone 17 was made in India.

About 25% of all smartphones and about 50% of all iPhones are now made in India.

What is remarkable about that is particularly on the iPhone dimension, if you go back four

years, zero were made in India.

This is India essentially replacing China as the principal manufacturer of smartphones

for the United States within four years.

It is the kind of thing you used to believe that only China could do, which is a kind

of high-precision manufacturing at scale.

It was always taught that you needed the kind of discipline and direction that the Chinese

state could provide, which allowed for this kind of thing.