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Apple’s iPhone Market Share Slips as It Eyes $1 Trillion Valuation

As Apple heads into the long Memorial Day weekend, the company’s past week has been dominated by some good, and some bad, news.

Apple’s market cap entered the spotlight this week after an analyst questioned whether the company could reach a $1 trillion valuation within the next year. It preceded, however, not such good news for Apple, which saw its worldwide smartphone market share slip in the first quarter due to increasing competition out of China. Even Apple (AAPL) design chief Jony Ive got into the mix this week, with news that he’s taken on another job.

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As with most weeks, the past several days were eventful for Apple (AAPL). And although it got some good news out of India, there are still some things it’ll need to address if it is to become the first company to ever reach a $1 trillion valuation.

This is Fortune’s weekly roundup of the biggest Apple news this week. To see last week’s roundup, click here.

Read on for this week’s biggest Apple headlines:

  1. In a note to investors on Monday, RBC Capital Markets analyst Amit Daryanani said that he believes Apple’s market cap could reach $1 trillion within the next 12 to 18 months. He said that Apple has several “levers” that could help it get there, including its fast revenue growth, an expected boost in margins, and higher earnings. Apple’s current market cap is hovering around $800 billion, and if it did reach $1 trillion, it would become the first company to reach those heights.
  2. Apple owned 13.7% of the smartphone market in the first quarter, putting it in second place behind Samsung’s 20.7% share, according to new data from research firm Gartner. However, Apple’s market share was down from 14.8% in the first quarter of 2016, due to competition from Chinese vendors offering high-end devices at more affordable prices. Huawei, one of Apple’s chief Chinese competitors, grew its market share from 8.3% in 2016 to 9% last quarter.
  3. Apple design chief Jony Ive has a new gig. He was appointed chancellor at the Royal College of Art in London this week. In his new position, Ive will serve as the head of the college and join the school’s Council governing body. It’s an unpaid position and largely honorary, though he did say he would advise students and employees during his five-year term.
  4. The U.S. government was actively seeking Apple data last year, a new transparency report from the company revealed. During the second half of 2016, the U.S. government issued between 5,750 and 5,999 national security orders to Apple, up from a range of 2,750 to 2,999 in the first half of the year. Apple said that between 4,750 and 4,999 accounts were affected in the orders. The U.S. government bans companies from revealing the exact number of orders and account requests in transparency reports.
  5. Apple and Nokia ended their protracted patent spat this week. The companies signed a new patent license agreement, as well as a business deal, to end the dispute. Nokia will receive an upfront cash payment and additional revenue from Apple. The iPhone maker said that it plans to expand its “business relationship with Nokia” now that the deal has been signed.
  6. The Indian government this week said that it would allow Apple to import components for its iPhone production tax free. Apple had previously requested a series of tax breaks from India, most of which were denied. The move comes just days after Apple started producing some of its iPhone SE units in India.

One more thing…Apple has begun charging for trial access to its Apple Music streaming service in Australia, Spain, and Switzerland. The trials were previously free, but the company is now charging the equivalent of 99 cents in those countries for three months of access. It’s unclear if Apple will be ditching free trial programs elsewhere around the world.