In a quarter in which Apple Inc. (NASDAQ: AAPL) often stumbles, the second quarter in 2018 proved to be huge for the technology giant as its posted numbers well above Wall Street expectations, and the stock printed all-time highs on Wednesday as the company moves closer to a $1 trillion market capitalization. Not only is it big for Apple shareholders, but investors that hold the semiconductor stocks in the Apple supply chain should be pretty enthused as well.

A new Deutsche Bank research report notes that the results are more positive for some companies than others in their coverage, but make no mistake, with average higher selling prices for the iPhone X and the iPhone 8, all systems are go for the company. The report noted this when discussing Apple’s performance:

Apple reported results after the close that we believe should be viewed as a positive for the semiconductor supply chain under our coverage. While iPhone unit sales of 41.3 million were slightly below the Street, inventories appear to be a lower risk this quarter. Apple’s inventory dollars are down to $5.94 billion, while iPhone channel inventory exited the June quarter towards the lower end of the target 5-7 weeks. As a result, we believe risk of further inventory depletion within the Apple supply chain has significantly diminished.

Five stocks that do significant business with Apple are covered at Deutsche Bank, and they should see some positives from the good results and forward outlook.

Texas Instruments

This old-school tech company offers solid value. Texas Instruments Inc. (NASDAQ: TXN) is a broad-based supplier of semiconductor components, ranging from digital signal processors to high-performance analog components to digital light-processing technology and calculators. Some 65% of Texas Instruments sales are exposed to the well-diversified, business-to-business industrial, automotive, communications infrastructure and enterprise markets.

The analysts noted this when discussing the company’s exposure to Apple:

Texas Instruments exposure to Apple has historically been described as across hundreds of parts and evenly spread out between their devices. Apples revenus mix is ~60% iPhone, ~10% each for Mac, iPad, Services, ~5% others, thus we think that the company’s exposure to Apple iPhones in particular could be ~5% of total sales.

Shareholders receive a 2.23% dividend. Deutsche Bank rates the shares at Hold with a $115 price target. The Wall Street consensus target price is $124.70, and the shares closed trading Wednesday at $111.

Intel

This semiconductor leader is working hard to focus more on Internet of Things and data center cloud spending and away from PCs. Intel Corp. (NASDAQ: INTC) designs, manufactures and sells integrated digital technology platforms worldwide.

The company’s platforms are used in various computing applications, comprising notebooks, two-in-one systems, desktops, servers, tablets, smartphones, wireless and wired connectivity products, wearables, retail devices and manufacturing devices, as well as for retail, transportation, industrial, buildings, home use and other market segments.

Intel’s share of Apple business is growing and looks like a big positive, according to the analysts, who said this:

We estimate that iPhones could be ~5-6% of sales next 12 months for Intel with 100% of baseband allocation as announced by Qualcomm. Combined with CPU sales in Macbooks (~18 million units next 12 months at above corp-average CPU average selling prices), we suspect Apple could reach 7-9% of Intel’s sales next 12 months in aggregate, with phones ~2/3rds of that figure and PCs ~1/3rd. We note that Intel’s exposure to Apple would almost exclusively be within the Client Computing Group, which is ~50% of sales and is forecasted to grow +7% year over year by our estimates in calendar year 2018 estimated.

Intel investors receive a 2.46% dividend. The $64 Deutsche Bank price target for the Buy-rated stock is well above the $56.32 consensus price objective. The shares closed trading Wednesday at $48.81, down over 15% over the past six weeks.