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Can I replace the storage chip in my iPhone 6 Plus with the one in my iPhone 6? I understand the procedure and know the tools necessary. Are they compatible?

They are called NAND. They are interchangeable between 6 and 6+.

@ajrmatt neither the iPhone 6 nor the iPhone 6 Plus have an SSD. (Simplified)All memory is contained on IC’s soldered to the logicboard. No, you cannot change it (the SSD).

yes–these are interchangeable–of course you have to write the serial number from the old to the new.