Apple

The big picture: Apple’s June quarter results are evidence that the Apple story is moving away from a focus on the iPhone toward a more predictable Services-driven business that returns $25B in capital to investors each quarter. These results support our Apple…

We believe an upcoming paradigm shift in investing in Apple will move shares meaningfully higher over the next two years. Apple reports Q3 results on Tuesday, July 31st. Here’s what we expect: iPhone units of 41.6M (+3% y/y), essentially in-line with the…

We asked Siri, Google Assistant, Alexa, and Cortana 800 questions each. This time, Google Assistant was able to answer 86% of them correctly vs. Siri at 79%, Alexa at 61%, and Cortana at 52%. As part of our ongoing effort…

AMS AG, a 3D sensor provider to Apple, issued guidance ~9% higher than the Street for the Sep-18 quarter. This is further evidence that advanced 3D sensing and AR will be key features in the new iPhones coming this fall,…

Yesterday, Techcrunch reported that Apple’s head of AI, John Giannandrea, will take responsibility of Siri from Craig Federighi. This formalizes our April expectation that Apple’s voice program should be moved into its AI group. Voice is currently one of the…

Apple’s capital return framework is the 3rd of 4 pillars to our Apple as a Service thesis. Getting to net cash neutral is one of Apple’s biggest levers to move shares higher. We expect Apple to be net cash neutral…

We’ve said it before, but it’s worth repeating: Apple + Peloton would be a match made in heaven. After testing Peloton’s new Peloton Digital offering ($19.49 per month), we think Peloton and it’s growing content library would fit nicely in…

Apple has 16 new shows in the works, comparable to Netflix in 2013 (its first year of original programming) when it had released 13 originals. We expect Apple to spend $900M on video content in 2018, growing to $4.2B by…

Finisar (FNSR) is Apple’s 3rd largest VCSEL array supplier, accounting for about 5% of iPhone X VCSEL arrays. Tonight the company reported earnings for the Apr-18 quarter. Finisar continues to expect a ramp in VCSEL demand in their Oct-18 quarter,…

In venture, our job is to swing for grand slams because venture returns follow a power law function where your biggest winner is going to provide the majority of your return. Base hits do not add up to a grand…

Today, Apple said loudly and clearly that the customer is always right. There were more new features for users than there were new tools for developers: screen time limits, monitoring, and reports, grouped notifications, Do Not Disturb at bedtime, Siri…

In our meetings with AR companies at Augmented World Expo (AWE) this week, it’s clear the industry is waiting for Apple to announce ARKit 2.0 at WWDC. Improvements in persistence and multiplayer functions are two of the most requested additions…