Apple delivered a record March quarter, with revenue of $111.2B, up 17% YoY, and diluted EPS of $2.01, up 22% YoY. The quarter was strong enough to beat consensus on both revenue and EPS, but the call’s center of gravity was not the beat. It was the shape of demand, the Mac supply bottleneck, and the increasing margin pressure…

Apple announced this afternoon that Tim Cook will step down as CEO on September 1, 2026, with John Ternus taking over and Johny Srouji being elevated to Chief Hardware Officer effective immediately. The transition was widely expected, but not until 2027. Apple moved it up, and the reason why tells you a lot about where…

When Apple unveiled the MacBook Neo on March 4, 2026, the temptation was to frame it simply as Apple finally getting competitive on price. At $599 retail and $499 for education customers, it is the most affordable Mac the company has ever sold. But reducing the MacBook Neo to a price story misses what is…

This will be a brief research note, mostly because I’m just talking about something cool. Back in March when Apple launched M3 Ultra in the Mac Studio, they graciously sent over a 512GB Unified Memory SKU of the system. It was insane for running LLMs, powering something like 4-bit quantized Deepseek R1 but limiting with…

Today is a big day, M5 Day! I say this because I believe M5 is a bigger deal than the products it’s in. That’s not to say these products are bad, quite the opposite: they are so good and have been so good for so many years that it’s hard to think of anything meaningful…

Yesterday was the iPhone launch, and it was actually a refreshing one. It was one of the first years that I think I had decently low expectations going in, but was incredibly surprised (and delighted) coming out. This is partly because for the first time in years, quite a few of the leaks, rumors, and…