So here's a fun thing about Apple Inc. (AAPL): it's having a moment in China. A good one. According to CNBC's MacKenzie Sigalos, strong iPhone demand and some very friendly analyst notes are giving the stock a nice tailwind.

iPhone Sales Jump Despite Market Weakness

Sigalos pointed to data from Counterpoint Research showing something pretty impressive. In the first quarter, iPhone shipments in China shot up by 20%. That was the fastest growth rate among all the big phone makers. And it happened while the overall Chinese smartphone market was actually shrinking, thanks to supply chain headaches and more expensive memory chips.

The takeaway? Chinese consumers still see the iPhone as a premium product—the kind of thing you buy and expect to use for at least three years. That perception gives Apple a nice bit of pricing power, which is a great place to be when costs are rising elsewhere.

Apple Closes Gap With Huawei In China

The momentum is showing up in the market share numbers, too. Sigalos noted that Apple is now essentially neck-and-neck with Huawei. Huawei holds about 20% of the market, and Apple is right behind at 19%. This is a big deal because China is a massive piece of Apple's business. Last quarter, revenue from Greater China skyrocketed 38%, which finally broke a two-year slump.

Analysts See Upside And AI Advantage

All of this is getting analysts excited. Sigalos highlighted that Bank of America Securities is sticking with a Buy rating on Apple and has a price target of $325. That suggests they see about 24% upside from where the stock is trading.

But here's the more interesting part of their argument. The analysts at Bank of America think Apple is "relatively insulated" from all the wild swings and hype cycles in the artificial intelligence world. Why? Because of Apple's in-house M5 chips. These are designed to handle AI tasks right on the device itself, which could be a major reason for people to upgrade their hardware in the coming years. It's a built-in advantage that doesn't rely on the fortunes of any external AI company.

AAPL Price Action: Apple shares were up 0.03% at $270.30 during premarket trading on Monday, according to market data.