Stephen Mayne

Well, my only comment will be, as we round this out, is Tim Cook has announced that he's stepping down as the Apple CEO on September 1.

He's still going to continue on his chair, but this is quite a moment after a 15-year run.

And I think history will look back and say that he was smart in not getting into the AI capital spending wars.

He's...

sitting back, letting the big five slog it out, and a big two or three will emerge at the end of the day.

So not all of the people spending all these fortunes will survive.

And he'll then do his deals like his Google deal.

He'll just do a deal with Anthropic or OpenAI, whoever emerges as the big one, and then they'll be embedded on the Apple products.

And it was the right call for Apple not to try and join this race

and spend crazy money in getting into all this AI investment because it's uneconomic to have this much being spent by this many players and a lot of losses will be suffered.

But within that, just like with the internet, there will be massive productivity gains at the end of it but quite a bit of money lost along the way due to the war, the capital spending wars as to who will win this new frontier of tech investment.

Gee, you're quite promiscuous, Alvin, aren't you?

You're sharing the love around.

Much less easy to ditch Apple than it is to ditch chat GPT, that's for sure.

You're entangled in Apple.

You'll be entangled in Apple for the rest of your life.

That's right.

There'll be no escaping it.

So very good, boss.

And I'm Stephen Mayne, contributor at Intelligent Investor, founder of Crikey and shareholder activist, and we'll see you in a fortnight.