Mark Gurman

Yeah, I think the momentum in China is real.

I think you're going to see growth there.

Obviously, they're still quite a ways away from their peak in China several years ago, but clearly this iPhone 17 Pro Max launch in China, particularly with the new colors and the new design, seems to be doing the trick there based on all the forecasts we're getting.

I know the memory situation is important and everyone is hyper-focused on that, but I just want to take a step back here.

Here's what we're dealing with.

I'm going to just be honest.

You have a company here that is lagging right now in AI, is lagging right now in products to some extent.

You haven't seen a major new idea that's making a huge impact in a while.

And the problem is they have this air cover with these just absolutely gigantic, terrific, unprecedented financial results.

And when everything is going well on paper, when you're selling your current devices and your current strategy so well, you really don't have the inclination to go try to make major changes.

And so that's the problem they're dealing with at this point.

They are so successful that it's probably hurting them in the long term.

The foldable phone is cool, but it really doesn't matter.

The big thing here is that a lot of the platforms Apple are running right now, it's legacy stuff, right?

The App Store is a legacy platform.

The iPhone operating system is a legacy operating system.

They need to accelerate the shift to artificial intelligence, the shift to agents everywhere, the shift away from jumping in and out of applications to something entirely new.

They need a shift to a stream of different AI hardware devices.

You know, Apple has been operating the last few years on we're not going to overspend on AI.

We're not going to overhire an AI.