Analyst Daniel Ives sees Tuesday's One More Thing event as a strategic milestone.
From a note to clients that landed on my desktop Sunday:
We view the chip announcement as the first step of many more on the horizon in our opinion as Cupertino takes the reigns (sic) of its architecture and the cross pollination between software and hardware become ubiquitous over the coming years. We note that Apple currently uses Intel processors in the flagship Mac product line, with this week the company embarking down a new chapter by announcing its own new processor architecture that will focus on speed, power/efficiency, and more improvements/flexibility for its all-important developer community. From a chip perspective, Apple's first ARM Macs will be based on the core A14 architecture seen in the iPad Air and iPhone 12, with these processors expected to be optimized for the unique heavy duty power characteristics of the company's laptops and will take roughly 2 years to be embedded across the entire Mac product line.
Maintains Outperform rating and Street-high $150 price target.
My take: Meanwhile, reports of strong iPhone 12 preorders give Ives, unsurprisingly, "incremental confidence" in his supercycle thesis.