Recent Comments

  • Romeo Esparrago on Premarket: Apple is red - 'Thanks, Sacto Joe! Until I read this evening, I didn’t realize we hit 288+ today yay!'
  • Bart Yee on Apple stopped buying its own shares for nearly two months last quarter - 'Sorry, didn’t mean to bold the entire part 2, must have missed the HTML close bold syntax. Hope it’s not too hard on the eyes.'
  • Bart Yee on Apple stopped buying its own shares for nearly two months last quarter - 'Part 2 Now I’ve never been a CFO, CPA, or financial analyst, nor played one on Apple TV or other streaming service, and frankly, I didn’t know how to read a 10Q earnings report until I joined Apple 3.0 in 2019 and realized I needed to learn more about what was being revealed and published by Apple, at least officially to the SEC and under their regulations. And there are still areas of a 10Q that make my head spin. But, perhaps because of my trust in Apple, I take them at there words when they make these statements in the official reporting of a 10Q. On my reading of the 10Q, it appears that Apple still has, from the May 2025 program authorization, $100B – $36.2B used already over Q1 and Q2, leaving $63.8B from the May 2025 program. That doesn’t indicate to me that Apple ran out of funds to repurchase shares in February and March 2026. WHY they stopped or didn’t repurchase shares then was the subject of my speculation and spitballing of my post reprinted here. I and pretty much everyone else don’t have any inside information on the decision making, none of the Analysts in the earnings call noted it or asked about EXCEPT in the context of the dropping of net cash neutral as a corporate goal. This refers back to statements by Kevan Parekh in the call (courtesy of the Six Colors transcript): “During the quarter, we returned $15 billion to shareholders. This included $3.8 billion in dividends and equivalents, and $11 billion through open market repurchases of 42 million Apple shares. Our repurchase activity at any time can be affected by a number of factors that we take into account, and as you’re aware, we recently announced a CEO transition.” “Taking a step back, we plan to continue our capital allocation philosophy of first making all the necessary investments needed to support the business, and then returning excess cash to shareholders over time.” The above policy change was unexpected and an interesting change, apparently discussed and decided on by C-suite and Board. Why now, and in relation (or not) to CFO/CEO, Executive Chairman changes, AI memory crunch, the domestic and world geopolitical situation and all its reverberations, etc., etc., none can say with any certainty (hey Gurman, missed this one, eh?) until Ternus, Parekh or Apple address it directly or indirectly. What they did say on the call “suggested” someone or Apple wanted more financial flexibility to deal with growing extenuating business circumstances, including rapidly rising key memory parts costs, unprecedented demand for Mac Neo, Macs and iPhone 17’s AND production constraints which will require additional and more costly orders of TSMC produced Apple Silicon chips plus memory beyond what was already contracted, and likely even more issues. My quoted speculation above was my thoughts and ideas as to why ~$14B was NOT spent in Q2, why a sudden stop mid fiscal year, and potential reasons, all in the interests of discussion among my fellow learned subscribers. So Horace, while I appreciate and value ALL of your considerable contributions both here and at Asymco, I respectfully disagree that Apple paused buybacks because they had exhausted their program authorized allocation of funds in the March quarter, stating specifically they had almost $64B left. If anything, with this new April 30, 2026 program authorization of an additional $100B, Apple now moves into Q3 FY2026 with $163.8B in authorized share repurchase funds available. But remember, “The programs do not obligate the Company to acquire a minimum amount of shares.” Nor does it specify or determine the time frame for usage so a pause or reduction in buybacks is fair game. We must trust these actions are in the best interest of the company, and by extension, to its shareholders. Note they did NOT reduce or suspend the dividend, unlike other companies when faced with difficult finances, not that Apple is having ANY financial problems. Rather they are having demand-supply balance issues. Any comments or corrections are always welcome and encouraged. TL:DR – I disagree, and here’s why. Bart'
  • Robert Stack on In Siri settlement, Apple could pay iPhone owners up to $95 per device - 'Well Judge Rogers is gonna be very busy, as she also has the Musk/Altman battle on her docket. Both really high profile cases.'
  • Bart Yee on Apple stopped buying its own shares for nearly two months last quarter - 'Hello Horace, thank you for your comment. From 10K FY2025 Q4 report Part II, item 5, under “Purchases of Equity Securities by the Issuer and Affiliated Purchasers” Footnote 1: “On May 2, 2024, the Company announced a program to repurchase up to $110 billion of the Company’s common stock. During the fourth quarter of 2025, the Company utilized the final $19.8 billion under the May 2024 program. On May 1, 2025, the Company announced an additional program to repurchase up to $100 billion of the Company’s common stock. As of September 27, 2025, $221 million of the May 2025 program had been utilized. The programs do not obligate the Company to acquire a minimum amount of shares.” To me that says Apple had, as of Sept. 27, 2025, end of 4th Quarter FY2025, $99.779 Billion dollars left for share repurchases from the May 2025 program authorization of $100B. From Q1 FY2026 10Q, Part II, Item 2, Footnote 1: “On May 1, 2025, the Company announced a program to repurchase up to $100 billion of the Company’s common stock. As of December 27, 2025, $25.2 billion of the May 2025 program had been utilized. The program does not obligate the Company to acquire a minimum amount of shares.” Apple spent $24.07B on share repurchases in Q1 FY2026. IMO and calculating from above, would there not be $74.80B for share repurchases remaining from the May 2025 program authorization going into Q2 FY2026? From the recent Q2 FY2026 10Q report, Part II, Item 2, Footnote 1: “On May 1, 2025, the Company announced a program to repurchase up to $100 billion of the Company’s common stock. As of March 28, 2026, $36.2 billion of the May 2025 program had been utilized. On April 30, 2026, the Company announced the Board of Directors had authorized an additional program to repurchase up to $100 billion of the Company’s common stock. The programs do not obligate the Company to acquire a minimum amount of shares.” (Bold emphasis mine) Continued…'
  • Gregg Thurman on In Siri settlement, Apple could pay iPhone owners up to $95 per device - 'Maybe, just maybe Apple counted on a vendor, and that vendor (a sole source) failed. And maybe, just maybe Apple wanted to give developers time to create new Vision Pro capable apps before Apple engaged aggressive sales effort. After all the Vision Pro is a whole new platform. I do know that Sony fell flat on its face with the screens.'
  • Joseph Bland on In Siri settlement, Apple could pay iPhone owners up to $95 per device - 'From Reuters today: US Supreme Court declines to pause order holding Apple in contempt in Epic Games lawsuit – Lower court found Apple in contempt in Epic Games case – “Fortnite” maker sued Apple, contesting App Store fees – Apple’s appeal sought to stave district court proceedings The U.S. Supreme Court rejected on Wednesday Apple’s (AAPL.O) request to ​temporarily block a judicial order that found the iPhone maker in violation of sweeping court-mandated changes to its lucrative ‌App Store as part of an antitrust lawsuit by “Fortnite” maker Epic Games. Justice Elena Kagan, on behalf of the court, declined to pause a ruling by the San Francisco-based 9th U.S. Circuit Court of Appeals that deemed Apple in contempt in the Epic lawsuit contesting App Store fees. The Supreme Court’s action means Apple will return to ​U.S. District Judge Yvonne Gonzalez Rogers in Oakland, California, to quarrel over what commission the company can lawfully charge for certain ​app-related transactions. Apple’s bid at the Supreme Court had been aimed at staving off returning to the trial ⁠court while it pursued its legal challenge before the justices.'
  • Dan Scropos on In Siri settlement, Apple could pay iPhone owners up to $95 per device - 'I agree, Neal. My main confusion surrounding the Vision Pro is this—why was it released with no support or use case? The technology is incredible. I just don’t know how they can expect people to buy something that they didn’t provide a use case for. The Car was a good pass. Electric cars are many years from becoming mainstream. Perhaps they rekindle that project’s technologies, who knows. CarPlay remains the preferred infotainment system in vehicles. They need to keep it relevant. But I remain concerned with the projects that *did* come to market. Apple TV remains a hobby, HomePod remains an also ran product, and Apple Watch has negative growth. AirPods Max got a new chip after 5 years and still have that useless carrying case. That one was a head scratcher. Silicon remains the crown jewel, though. It’s also the most important ecosystem component, so that remains a massive accomplishment. Silicon is Apple’s primary competitive advantage.'
  • Charles A. on Why Morgan Stanley raised its Apple target $15 to $330 (video) - 'I think what Philip means is that he now can’t EMBED videos directly into the 3.0 site without a CNBC Pro subscription. It’s easy for him to do it from YT, though.'
  • Gregg Thurman on Why Morgan Stanley raised its Apple target $15 to $330 (video) - 'I really like Eric’s presentation style. He’s direct and uncompromising of the FACTS, and doesn’t hedge on what he believes is true.'
  • Joseph Bland on Apple stopped buying its own shares for nearly two months last quarter - 'BTW: Excerpt From “Apple Cuts More Mac Studio and Mac Mini RAM Options as Memory Shortage Worsens” Daring Fireball https://apple.news/AL6uzanDqPDiWtr-uw8MNOA This material may be protected by copyright. “Apple has removed more desktop Macs from its online store as the global memory shortage continues. Mac mini models with 32GB and 64GB of RAM are no longer available for purchase, nor is the M3 Ultra Mac Studio with 256GB RAM. The M3 Ultra Mac Studio is now available only in a 96GB RAM configuration, with higher-tier options eliminated. Both M3 Mac Studio and M4 Max Mac Studio models have delivery estimates of 9 to 10 weeks.” Well, that’s one way to dodge a bullet….'
  • Robert Paul Leitao on Premarket: Apple is red - 'A record day for the Nasdaq Composite, Russell 2000 and the S&P 500 today! The Nasdaq Composite led the pack higher, gaining 2.02%. Apple rose $3.33 or 1.17% to $287.51 while moving within striking distance of a new all-time high. Chip maker AMD jumped $66.13 or 18.61% to $421.39 on a strong earnings report. Opportunities abound for the astute investor!'
  • Joseph Bland on Premarket: Apple is red - 'New Apple closing ATH! Huzzah!'
  • Roger Schutte on Why Morgan Stanley raised its Apple target $15 to $330 (video) - 'PED, if you have trouble getting to the CNBC videos, many (or most) are in Apple News – which I would expect most PED30 subscribers have full access to via the Apple One bundle. Link here: https://apple.news/Aepe9v5dGRZeTuDuUsD42cA'
  • Steven Philips on Cops use Apple Car Play to nab armed crypto thieves - 'If they don’t already realize it.'
  • David Emery on Cops use Apple Car Play to nab armed crypto thieves - 'But that also applies when RENTING a car for presumably legitimate, or at least private, purposes. How long before rental car companies realize they can make money selling location data collected by their vehicles?'
  • Joseph Bland on Apple stopped buying its own shares for nearly two months last quarter - 'The exact timetable of when those shares were bought in January is unknown, but it’s clear that they were a bargain, albeit not as much of a bargain as the much fewer shares bought in February before Apple ran out of gas. But it definitely is interesting that, around that last small spurt of February buybacks, the price of AAPL dropped like a rock, then quickly rebooted, then dropped all the way back to January’s low before reversing – until April’s “blackout”, now ended and followed by a massive re-acceleration upwards. Maybe it’s just me, but I see this aa a “tell” of just how much Apple’s buybacks influence it’s value. And rightly so.'
  • Robert Paul Leitao on Premarket: Apple is red - 'All four major indexes are up over a full percentage pointy in afternoon trading with the Nasdaq Composite leading the way with a 1.67% gain. The S&P 500, Nasdaq Composite and the Russell 2000 continue to higher into new record territory. Apple is now up $2.82 at $287 even and is in reach of setting new all-time highs before the end of trading. There’s hope in the air so-to-speak about the chance for an end to the conflict in Iran as France moves an aircraft carrier into the region to support efforts to open the Strait of Hormuz. Other European nations have signaled a willingness to assist in the effort. A good day for investors and perhaps an even better day for the world. Let’s see how this unfolds…'
  • Greg Lippert on Cops use Apple Car Play to nab armed crypto thieves - 'HA!'
  • Rodney Avilla on Cops use Apple Car Play to nab armed crypto thieves - 'For the rest of us, it’s worth remembering that pairing your phone with a car can expose your privacy.“ I will remember that the next time I am stealing a car'
  • Bart Yee on Premarket: Apple is red - 'Let’s see how long it takes PED to fix this Max Pain (or should we say Max Ecstasy) typo of $800. It’s 10:17 PDT now. From PED’s Magic Keyboard to the Market’s algorithms.'
  • Bart Yee on Premarket: Apple is red - 'If Apple sold 6.2M Macs (per IDC) in Q1 2026, generating $8.4B, the ASP’s were $1355/Mac, almost an M4 Pro Mac Mini, just above an iMac, or 15” MacBook Air, or two 512GB MacBook Neo’s. Let’s assume Apple is planning for this 5M chip order to finish and ready to install/assemble into product by end of May (3 weeks) at the earliest and mid-June at latest (6 weeks). We don’t have any specific Neo sales for last quarter seeing as it was only on sale for <3 weeks in Q2 2026, but given a total of 6 weeks available by earnings call, and already production constrained vs building up demand, I suspect Apple, Cook, Ternus and Parekh will evaluate how fast Neo’s are selling, how much existing inventory they have left, and how many more of 5M additional inventory over time will go to satisfy demand for Q3, current quarter, moving into Q4, the back to school quarter. If my hunches are correct, Apple will need to place yet another, larger A18 chip order at accelerated or regular speed by end of June, to handle September quarter going into December Holiday Quarter. TL:DR – Apple gonna need a bigger boatload of Mac Neo’s for 2H26. ️ Neo may add 25-33% more Mac sales / quarter, but may pull ASP down from $1300’s to $1200’s.'
  • Rick Povich on Carter Worth on Apple: 'It feels like there's very little downside' - 'And I see this morning another smart guy took Worth’s golden advice. According to Benzinga CNBC’s Joe Terranova thought it was worth announcing that he’s bought AAPL shares – just below ATH price. If only he was that smart or confident when the price was under $200'
  • Fred Stein on Nearly half of all global smartphone revenue in the March quarter went to Apple - 'And that only counts new iPhones. A surge in new, creates a surge in used, and more margin pressure on Android clones. Then ponder the impact on Android chip vendors, exclusive of memory chips. Only Samsung, among clones, makes memory.'
  • Joseph Bland on Apple stopped buying its own shares for nearly two months last quarter - 'Thank you, Horace! Mystery solved! They simply ran out of gas….'
  • Joseph Bland on Premarket: Apple is red - 'That’s a great question, Gregg. Has Apple dialed back repurchases dramatically, or is last month a one-off? And if it has dramatically dialed back it’s repurchases permanently, where’s that massive cash flow heading?'
  • Joseph Bland on Premarket: Apple is red - 'So Apple’s actual buybacks last quarter was extremely muted. No need at all for the hysterics'
  • Joseph Bland on Premarket: Apple is red - 'Thanks, Bart! Last quarter’s 10-Q is just out and this is all it says about buybacks: “Share Repurchase Program During the six months ended March 28, 2026, the Company repurchased 135 million shares of its common stock for $36.0 billion. The Company’s share repurchase program does not obligate the Company to acquire a minimum amount of shares. Under the program, shares may be repurchased in privately negotiated or open market transactions, including under plans complying with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended (“Exchange Act”).” This is highly unusual, since it concatenates two quarters. It also indicates zero ASRs (Advanced Share Repurchases). It is, of course, possible to compare the two 10-Qs. For the previous 10-Q: “ During the three months ended December 27, 2025, the Company repurchased 93 million shares of its common stock for $25.0 billion. The Company’s share repurchase program does not obligate the Company to acquire a minimum amount of shares. Under the program, shares may be repurchased in privately negotiated or open market transactions, including under plans complying with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended (“Exchange Act”).” So zero ASRs for both quarters,'
  • Robert Stack on Nearly half of all global smartphone revenue in the March quarter went to Apple - 'Maybe I’m missing something, but if Apple took 50% of all revenue and Samsung took 18%, how did the rest get 44%? Could this be the definition of a “Fieldhack”? 🙂 (Gotta love that name!)'
  • Steven Philips on Cops use Apple Car Play to nab armed crypto thieves - 'Another rapper Down the crapper.'