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Why is there no Apple Car?
There are some industries that can’t change. Yesterday, Tesla reported its second quarter earnings and there were few surprises. The company’s automotive business is as structurally unsound as ever. Despite automotive…
Category
Research
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Beware December Quarter Guidance
The March quarter will also be diverging Rumor has it that Apple will split the launch of the latest iPhone models across two quarters. The high-end iPhones will be announced as always, in September, but the base models…
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Preview of Apple’s June Quarter
Memory prices won’t have had a big impact As we move ahead into the June quarter, I’d like to review our outlook, […]. Importantly, the color we’re providing assumes that global tariff rates, policies, and their…
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How to maintain a Sell rating on Apple
One simple trick. Tim Long of Barclays Bank has an underweight (Sell) rating on Apple shares. Apple shares have just hit an all-time high. Perhaps he’s right. Perhaps one should sell high. The problem is that Tim Long…
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Why all-in and why all are in
Take all my money, please. The graph above shows that Amazon, Alphabet, Meta, Microsoft and Oracle decided to transfer their shareholders’ wealth to the shareholders of Nvidia, Micron, Broadcom and Applied materials1.…
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Capturing Eyespace: Plotting Apple’s disruption of eyewear
Getting to 20% CAGR on Wearables When Essilor merged with Luxottica in 2018 the eyewear market was $100 billion. In 2021 it was $150 billion. Last year it was $220 billion, this year it’s estimated at $245 billion and in…
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More than meets the eye
A first look at the eyewear market To see the future of wearables, I said look to where jewelry has been worn. The places where people trust metal against skin is where compute inevitably will reside. The categories are…
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Memory is a Commodity
“I’ve never seen a shortage without a subsequent glut, but I’ve seen gluts never followed by a shortage.” -Nassim Taleb A commodity is a product or service which does not increase in price if its performance increases.…
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Why is the most expensive thing you own the dumbest?
· Farshad · Office Hours, Research
An Office Hours question asked by Lalit, June 9, 2026. Q: Could some future Apple TV morph into a data center for the family? And what about all the talk about Home and AI? I’ve anticipated the Home story for years, and…
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Why iPhones prices don’t change
Exponential increase in performance at a flat price. Is the formula about to change? The iPhone price structure is very carefully constructed. One could even say it’s engineered. It has operated under many constraints:…
