From friend-of-the-blog Gregg Thurman (adapted from a multipart New Year’s Day comment):
Apple has long desired to control the whole widget, there is no question about that, but even many of Apple’s most ardent enthusiasts have failed to see where Apple is going — its end game — focusing instead on a reality which stops with what is known. Controlling the whole widget means controlling the hardware, the software and the EXPERIENCE. The buying public is endorsing that vision, but unwittingly, reacting only to the EXPERIENCE.
The incredible advances made by Apple over the decades may have appeared major as they were being released, but in actuality were minor in relation to Apple’s end goal, its unexpressed roadmap.
In my opinion Apple has a vision, not limited by the vision of others (Intel, Qualcomm, Skyworks, AVGO, Broadcom, et al) and that vision should be becoming clearer and clearer to active shareholders.
Apple has only developed one product in the last 23 years, and that is a unified hardware/software platform that can address a myriad of seeming unconnected applications seamlessly.
All of Apple’s products use a common architecture OS based on UNIX, the engine (developed by Bell Labs) behind the oldest and largest integrated network on the planet, the telephone network.
In addition, Apple has developed semi-conductors, using a common architecture, for all of its products, from the smallest (AirPods) to the largest (Mac Pro), as well as semi’s for task-specific uses, and the softwares behind it all.
The only limit to Apple’s growth is one’s imagination. Some have it, some don’t, resulting in financial fear every time AAPL hits a new all time high. PE (a worthless nomenclature for a valid metric) be damned, it’s all about Investor Sentiment. Investor Sentiment Multiple (aka ISM), the name I have given to the underlying metric, says Apple is worth its current price and TREND.
I don’t need to know what new, magical thing Apple is working on to know that something is going to be announced, something I had never thought of, something that delights. And that Thing, combined/integrated with all other Apple developed Things, will drive further revenue, earnings and stock appreciation.
My take: What Gregg said.