Citigroup analysts led by Peter Lee wrote in a report that Samsung Electronics is expected to become Apple's contract chip manufacturer within two years. Apple has stated that it will collaborate with Samsung as part of its four-year investment plan to expand its US supply chain. Analysts expect Samsung's chip foundry in Austin, Texas, to produce three-layer complementary metal oxide semiconductor image sensors for the next generation iPhone starting in 2027. They believe that this collaboration "provides strong medium- to long-term earnings prospects" for Samsung's foundry business. Citigroup maintained its buy rating on Samsung and its target price of 100,000 won.