Investing in Persistent GrowthMarkets occasionally misprice persistent growth opportunities, and that is the essence of great growth investing. Apple and Amazon are examples of the power of persistent growth. Shares of AAPL and AMZN are up 10x since 2012. The S&P 500 is…Read more Investment Philosophy , Technology Companies of Note Gene Munster, Brian BakerApple’s AI Integration Will Boost Device Sales and MarginsApple made good on expectations, announcing generative AI integration across its software and applications. Accessing these features will require 85% of Apple users to upgrade some or all of their devices over the next few years. This means revenue growth in FY25 and FY26 will likely be +10%, ahead of the current 6% and 4% expectations, which should be a positive for AAPL.Read more Apple, Artificial Intelligence Gene Munster, Brian BakerEarly Robotaxi Event PreviewWhile it's still more than two months away, I'm sharing my early predictions for the "Robotaxi Event". I expect three vehicles to be revealed, including Robotaxi, Model 2 and Cybervan (tailored to the ride-hailing vision). I expect initial production ramps could start as soon as summer of 2025, with FSD approval playing a large factor in the timing. These vehicles fit into Elon's vision that they need to solve autonomy to unlock shareholder value. Read more Autonomous Vehicles, Ridesharing , Tesla Gene Munster, Brian BakerA Clearer Picture of Apple’s China Business EmergesThe most recent data coming out of China gives us a better picture of what is going on in Apple's China business. iPhone sales in Mainland China were likely down 5% y/y in Mar-24, better than Apple's reported 8% decline in Greater China. When Cook said iPhone grew in China in Mar-24, he was likely talking about units, not revenue. In other words, this means China's non-iPhone segment was down 12%, notably lower than the global average of Apple's non-iPhone revenue which was up 4% y/y. Read more Apple Gene Munster, Brian BakeriPad “Let Loose” Event Reveals Pace of Silicon Development Has QuickenedThree of the four iPads got long awaited updates including thinner design, bigger screens, faster chips, and more memory. These changes will jump start the segment's growth in June and September after being down for 9 of the past 10 quarters. Looking into 2025, I expect the iPad to be on a steady decline of around 2% as the segment is impacted by the reality of infrequent upgrades. The big surprise announcement was the pace that Apple is introducing new chips, a sign that the company will use hardware as a competitive advantage once they get more into the AI race. Read more Apple Gene Munster, Brian BakerApple’s Set to Re-accelerate: All Eyes on AIShares of $AAPL traded up 6% following March results as investors were relieved that the company maintained Street revenue guidance along with an increased share buyback. The next seven months will likely show Apple's business accelerating every quarter from down 4% y/y in Mar-24 to up 6% in Dec-24. More importantly, the company reiterated their optimism that they will bring generative AI to most of their products, likely starting in the Fall. Bottom line: Apple's business is intact, revenue growth is improving, and the company is pursuing generative AI to further boost sales.Read more Apple Gene Munster, Brian BakerMeta’s AI Investments Will Pay off in the Long RunShares of Meta traded down 11% on the March quarter guidance that the company is entering into a multi-year investment cycle starting with AI capex in 2024 tracking to be 12% higher than previous expectations. We believe investors are missing the point. Meta has a golden opportunity in the next decade to leverage its data and build AI tools and products for billions of users, advertisers, and businesses.Read more Artificial Intelligence, Meta Gene Munster, Brian BakerGoogle’s Results Show AI Can Complement SearchShares of GOOG were up 11% on March earnings driven by a combination of growth acceleration in Search and GCP, along with an outlook for improving margins. Additionally, the company is making massive investments in generative AI, as evidenced by capex increasing 91% y/y. In short, the two biggest concerns for Google investors, what the future of Search will look like and is the company moving fast enough in AI, were put to ease for the moment. Long-term, I believe Search revenue is here to stay and AI will be a material net positive for the company. Read more Google Load More Go Deeper Philosophy Learn how we think. From time to time, we find it helpful to articulate our investment philosophies in writing. Read The Newsletter Our work sent directly to your inbox. Subscribe to our newsletter for a regular summary of our work, along with links to stuff we’re reading. Subscribe Deepwater TV Insights, interviews, and debates on topics we find relevant to growth investing. Watch