I don’t buy this reasoning until there is evidence of orders going unfulfilled.

I could make 20M units of something and leave my resellers as bagholders who then have to sell years old hardware at a discount- and by the internal consistency of your logic: I would have the volumes.

Isn't this an artifact of the demand side and not the supply side?

Yes, apple shipped fewer laptops than dell in 2025. That's because Apple laptops started at $1100 in 2025.

They won't have a problem securing the chips for Mac Neo's, they're the same SOC as the iPhone. What, Apple is going to have an issue manufacturing a few million motherboards?