"With Apple Intelligence execution offering an upside optionality for an acceleration of replacement cycles, we believe Apple will benefit from a multi-year iPhone refresh in the coming years." — Analyst Erik Woodring

Read More Morgan Stanley: The gap has narrowed, but Apple remains underowned

In essence, Apple claims they haven't blocked Fortnite's EU return, but Epic's attempt to simultaneously submit the app for both US and EU storefronts may have led to the current situation.

Read More AI overview of the latest Epic-Apple dispute