Apple just announced its quarterly results, including $56.99 billion in iPhone revenue. This number is slightly below the average of analyst expectations heading into the earnings, but Tim Cook tells Reuters that Apple would have sold more if it had the supply. Cook said iPhone 17 demand “was off the charts”. He said supply of advanced processor nodes is constrained and “there’s just a little less flexibility in the supply chain at the moment” in terms of getting more parts available. All of the iPhone processors are manufactured by TSMC, which is experiencing surges in chip demand thanks to the recent AI boom. If you go back a few years, Apple was TSMC’s largest customer by a mile … but that isn’t so true at the moment which gives the company less leverage. While availability of chips may be a bottleneck, Apple continues to deftly navigate the environment of higher component pricing for memory and other parts. Apple reported gross margins of 49.2% during the quarter, above estimates.…