Recent Comments

  • Robert Paul Leitao on Mark Gurman: John Ternus hangs out in Apple's industrial design shop - 'Bart: Thank you for your kind words. In the 40 years since I have never personally owned anything other than a Mac, I publicly chronicled my kids being raised on Macs and other Apple products and throughout my career I have introduced Macs into many of the offices where I have worked, including the office of my most recent employer. That’s now an all Mac environment. 

The clock has now moved us into the early hours of October 5th. Of course I miss my father. I also miss Steve Jobs. I do believe John Ternus will keep the Apple ethos alive for the benefit of humanity. For me it’s been all about humanity and the celebration of the human spirit. May the company and its customers around the world continue to prosper and together continue to build a world of peace, purpose and great promise.'
  • Bart Yee on Mark Gurman: John Ternus hangs out in Apple's industrial design shop - 'Robert, thank you for sharing such a heartfelt memory about your father and your shared interest in Apple technology. I’m sure he remains proud of all you’ve accomplished since with Apple at your side. That’s the mark of how a company, it’s products, and its philosophy shapes the relationship between users and makers, it’s not just a tool, but also a partner in discovery of what can be done together.'
  • Robert Paul Leitao on Mark Gurman: John Ternus hangs out in Apple's industrial design shop - 'Tomorrow marks the 15th anniversary of the passing of Steve Jobs. It also marks the 40th anniversary of my dad’s passing exactly 25 years to the day before we lost Steve Jobs.
I’m composing this now as we discuss the presence of John Ternus in Apple’s industrial design shop with mention of the fact Steve Jobs enjoyed investing time in the same space. Tomorrow will also be the 40th anniversary, not coincidentally, of becoming a Mac owner. I literally inherited my first Mac, the new computer at the time that so intrigued my father. Forty years ago and back at home in Connecticut to comfort my mother, assist with all affairs surrounding my father’s untimely passing (both he and Steve Jobs were born in late February and were both 56 years old at the time of their passing), I started up my father’s Mac Plus – which actually lacked a hard drive – to write a eulogy from the perspective of a loving son. There was something so incredibly different and inviting about this unconventional PC. I felt free to explore my feelings in the midst of profound grief. There I sat at this Mac Plus composing words to be delivered to a packed church about the man who raised me and about the way he mentored and inspired so many others. Yet, it seemed, I lacked a few words. There was something missing I needed to add to the text. The story just wasn’t complete. So at my mom’s request I ran an errand to the local supermarket to buy some food for our grieving family members. As I was driving home from the store the three lines came to me. I brought the food into the house, ran upstairs and placed the three lines in the eulogy. I sat there and wept. The eulogy was intended to be a way for me to say goodbye to my dad. The three lines were, by God’s grace, my father saying goodbye to me. That Mac was now mine! The words of that eulogy were so powerful it silenced everyone in attendance for a little bit more than a moment’s pause. I finally recounted to my sister today what transpired as I prepared the words 40 years ago. People have often asked through the years why I’m so passionate about Apple products and why, through the decades, I’ve so enthusiastically championed the company. It’s because Apple products are designed with humanity in mind and, for me, have been impactful tools for healing, growth and personal learning. They have been truly vital instruments for the manner in which I have chosen to live and navigate my life. So my view is, if John Ternus, like Steve Jobs, desires to invest significant time in Apple’s industrial design shop, the company will continue to assist – through its products and services – in making the world a better place and assist in transforming lives like mine for the better. Thank you, Apple!'
  • Greg Boyd on Inside Chateaux Beynac - 'She was indeed a Queen.'
  • Richard Gayle on Mark Gurman: John Ternus hangs out in Apple's industrial design shop - 'Remember these groups are having to overcome the years Dye was in charge. New leaders and new members. He was put in charge of them and likely has been transitioning them into the full Apple culture. Or his view of the culture. I wonder how much he had input into the final Duo design? Apple is releasing a lot of new hardware so I am glad the hardware guy is more hands on here. These releases will be harbingers of Apple’s future so better make them something he can support. Being hands on is a good thing.'
  • Dan Scropos on Mark Gurman: John Ternus hangs out in Apple's industrial design shop - 'This is awesome to hear. I often felt Apple had degrees of shipping paralysis and fuzzy use cases under Tim Cook. This could explain some of that. I never understood how HomePod and Vision Pro would have been released under Steve Jobs. Still not completely sure of their purpose(s). With this new approach, Ternus, Apple, consumers, and shareholders could benefit from real-time feedback, a reduction in rework/redesign, and maintaining release momentum. There’s probably also a return to some degree of psychological cultural safety that exited with Jobs. That is, a firsthand account that projects maintain accuracy and use case, while understanding and helping with any potential constraints. There’s probably many differing opinions, but this is incredibly exciting, at least for me.'
  • Robert Paul Leitao on This week's Apple trading strategies (10/5-10/9/26) - 'Apple ended Friday trading at $333.69. This is a price range first reached in the latter half of July. The shares are up 22.75% year-to-date and up nearly 30% over the past 12 months. Over the same periods the NASDAQ Composite is up 16.99% year-to-date and 19.03% over the past twelve months. The S&P 500 is up 12.81% year-to-date and has gained 15% even over the past 12 months. Apple has outperformed both major indexes over those two periods.'
  • Ben Gepp on Mark Gurman: John Ternus hangs out in Apple's industrial design shop - '‘Visiting several times a day’ sounds disruptive. In my design practice we had a 3hour morning slot where we discouraged interaction so that you could immerse yourself in the problem. Every conversation, every meeting is a break in concentration. Clearly the design problems they are tackling at Apple are complex and require deep uninterrupted thought. …but I think it’s great that there is renewed interest in the ID department.'
  • Robert Paul Leitao on This week's Apple trading strategies (10/5-10/9/26) - 'For those that have yet to migrate their Apple devices to the latest operating systems I urge to consider doing so sooner rather than later. This Apple Newsroom article from September 14th has all the relevant information: https://www.apple.com/newsroom/2026/09/major-updates-for-apples-software-platforms-are-now-available/
 I’ve just completed the updates on my devices and I’m working through the updates on the Apple devices for other members of the household. I’m becoming more positive on Apple with each major update I install. Seeing the ways in which my Apple Watch(es), iMacs, iPads and iPhone all work together so seamlessly and benefiting (marvelously!) from the new Siri really provide clarity on what I see as Apple’s opportunities over the next year.'
  • Steven Philips on Mark Gurman: John Ternus hangs out in Apple's industrial design shop - 'So – if the company owner stays out of the workers’ hair (stays in the break room) more work gets done? 🙂'
  • Robert Paul Leitao on This week's Apple trading strategies (10/5-10/9/26) - 'In my reading share prices, in general, are being propelled higher by higher earnings and not earnings multiple expansion. Apple has recently reached new all-time highs. This is due in part to market sentiment on the latest new product announcements. However, both Morgan Stanley and Bank of America have cautioned Apple’s decision to moderate price increases in the face of higher memory costs may influence gross margins in FY2027 which began last Sunday (September 27th). I’m quite bullish on the latest product announcements. I do expect further appreciation in the share price to be driven by net income growth and expectations for continued net income growth and moderated by some margin compression, which will occur market wide, in 2027.'
  • Gregg Thurman on Mark Gurman: John Ternus hangs out in Apple's industrial design shop - 'When I had my little 20 something person company I used to hang out in the break room a lot (large enough to accommodate 100+ people). After about 2 or 3 months I noticed that people spent less time there. I also noticed that productivity went up.'
  • Dan Scropos on Premarket: Apple is green - 'Robert, I could not agree more. I just went from an Apple Watch series 7 to the Apple Watch 12 and I am completely blown away. Oddly enough, though, my wife first bought me the Apple Watch Ultra 4, but I immediately returned it. I did not like the weight, the size, or the clunkiness of it. It’s just too big and, to me, kind of unsightly. Now the Apple Watch series 12? Absolute perfection. I have the titanium and sapphire edition, and I’m loving it. The screen is huge, it’s noticeably thinner and extremely lightweight. It checks every box I could ask for.'
  • Robert Paul Leitao on Premarket: Apple is green - 'Dan: I’m quite impressed with the functionality and performance enhancements in this year’s Apple Watch models. Yesterday this story in Popular Mechanics found its way into my Apple News+ feed. It features the “10 Best Apple Watch Accessories You Didn’t Know You Needed.”
 https://apple.news/A6F0Ku1-7TYe65aFRXVEo1w After reading the story I visited the Apple site to see the accessories offered through Apple. Even the accessories for the Apple Watch are becoming a good-sized business! My point is from a financial perspective the new hub and an upgraded Apple TV 4K will add even more “adhesion” to an already “sticky” eco-system. I have to upgrade at least one of the Apple TVs in the house and I have a very good idea where I will place the new home hub. My only question is: Can I put one upstairs and one downstairs and have them work together?'
  • Dan Scropos on Premarket: Apple is green - 'I’m extraordinarily excited for this announcement to happen as well. Apple continues to expand an already attractive ecosystem by entering more and more consumer segments. With the Duo, they’re entering foldables and I expect the entrance to be largely successful. This should be more of the same. Entering the Home could provide a long and profitable runway.'
  • Robert Paul Leitao on Premarket: Apple is green - 'Dan: Yes. I’m excited for both the home hub and the new Apple TV 4K. These products bolster the barriers to competition and help widen Apple’s economic moat.'
  • Robert Paul Leitao on Last stop in France: Bordeaux - 'John: I believe the iPhone Duo convincingly evidences Apple hasn’t lost its passion for innovation and it will have its own halo effect for the iPhone franchise. Not only will the Duo attract new customers to Apple, it will also be on the aspirational path of current iPhone owners that might not make the jump to the Duo this year. I’m less concerned about the unit sales in its first year of release than I’m bullish on what the Duo will do for the iPhone line over the next few years.'
  • Dan Scropos on Premarket: Apple is green - 'Interesting rumor floating around: OCT. 13 SMART HOME LAUNCH Apple reportedly plans to unveil a Siri-powered home hub alongside refreshed HomePod mini and Apple TV 4K hardware. The hub could mark Apple’s entry into the smart-display category.'
  • Robert Paul Leitao on Premarket: Apple is green - 'I’d like to share this Morgan Stanley podcast with the community. In this episode Andrew Sheets talks about the resilience of equity prices in the face of rising interest rates and the importance of rising profits in a higher interest rate environment. In other words, in a rising interest rate environment Apple’s share price is apt to move higher not from multiple expansion but through net income growth. I remain bullish and Morgan Stanley just reiterated the firm’s Overweight rating on Apple. https://podcasts.apple.com/us/podcast/the-tension-between-equities-and-bonds/id1466686717?i=1000792891668'
  • John Konopka on Last stop in France: Bordeaux - '@Gregg Not disputing your point, it seems that the Duo is the first step into a new class of products. As Apple gains experience with the design and experience of folding devices we may see more products, more easily made and at better prices with better reliability. I stopped at an Apple Store this morning to confirm that the Duo will be in the Apple stores October 23. The person I spoke with said interest was running high and they expected heavy crowds around that time as people want to come in and touch them and get a look. All that foot traffic will likely drive sales of other products.'
  • Gregg Thurman on Last stop in France: Bordeaux - '”Foldables are still a relatively niche product, making up roughly 4% of smartphone sales in China and about 2% globally, according to Counterpoint.” Without the base model iPhones present in the mix, the Duo may represent 6% to 8% of iPhone sales. But how many of these were cannibalized from iPhone Pro and Pro Max units. Whatever the cannibalization rate is (40%-50%?), I’ll take it. I just don’t think the Duo, in the larger scheme of things, is going to be the wild success so many are claiming. Not with a $2,000 starting price. Niche is an understatement.'
  • Bart Yee on Last stop in France: Bordeaux - 'Posted by WSJ October 1, 2026, may be paywalled. https://www.wsj.com/business/telecom/apples-biggest-battleground-for-foldable-phones-is-china-a15b9663 Apple’s Biggest Battleground for Foldable Phones Is China Huawei and other Chinese competitors reported higher demand for foldables after announcement of iPhone Duo By Hannah Miao Demand for some foldable phones in China is surging, even before Apple’s new foldable iPhone Duo arrives. That suggests an opportunity for Apple to expand what has been a niche category—if it can overcome competition from Chinese brands. Winning over China is key to Apple’s fortunes. The country makes up more than a third of global folding smartphone sales and is the largest single market for foldables, according to research firm Counterpoint Research. Chinese company Huawei is currently the market leader in China, both for foldables and smartphones generally. Huawei released its first folding smartphone in 2019. Other Chinese brands, including Xiaomi, Vivo, Oppo and Honor, have been selling foldables for years. After Apple announced its first foldable iPhone in early September, sales during the following four days of Huawei’s Pura X Max—which has similar dimensions to the Duo—grew about 77% from the same period a week earlier, according to Huawei. More than 1.4 million units of the Pura X Max have been sold since its release in April, according to Huawei. Xiaomi’s 18 Fold, another passport-size folding phone, notched record first-week sales for the company’s foldables after its release in early September, a representative said. Richard Yu, chairman of Huawei’s consumer business, said the company has invested heavily to make breakthroughs in screen reliability and camera quality for its foldables. “I know how hard-earned these achievements were, which is why we are a leader in this business,” said Yu. Apple didn’t respond to a request for comment. Foldables are still a relatively niche product, making up roughly 4% of smartphone sales in China and about 2% globally, according to Counterpoint. They can be fragile, and it is harder to put a good camera on a folding smartphone. Still, brands hope foldables can attract higher-end customers. Huawei’s Pura X Max starts at the equivalent of more than $1,600. It also has been selling trifolding smartphones that unfurl twice, like a pamphlet. Huawei’s second-generation trifold, called the Mate XT2, released in early September, starts at nearly $3,000. The iPhone Duo starts at $1,999 in the U.S. and 15,999 yuan in China, equivalent to nearly $2,400. Apple has said consumers in the U.S., China and many other countries will be able to preorder the iPhone Duo on Oct. 16, and it will be available a week later… …Despite Apple’s late entry into the market, Counterpoint projects the company will sell up to six million foldable iPhones this year and take a quarter of the global foldables market. The firm predicts Apple will beat out Huawei’s 22% global market share. Foldable pioneer Samsung, which has only a small presence in China, is expected to maintain its lead with a 38% global share in foldables, according to Counterpoint. Huawei is effectively barred from selling its products in the U.S. It has been blacklisted by the U.S. government since 2019 and is effectively blocked from using American technology. The company has gotten around these U.S. barriers by developing its own chips and operating systems. Its latest lineup of smartphones, the Mate 90 Series, released Thursday, uses technology to layer circuits within a single chip, aiming to boost computing power despite lacking access to cutting-edge machinery. The global shortage of memory chips has pushed up smartphone prices. Sun Lei, a 50-year-old Huawei customer, said he was interested in buying the Mate XT2 trifold phone: “The only thing holding me back right now is money.”'
  • Bill Fouche on Premarket: Apple is green - 'Bart: Thank you for all of this detailed information. You are so generous with your time in sharing it. You do it often. And it is greatly appreciated!'
  • Bart Yee on Premarket: Apple is green - 'Back to Jefferies, regarding mixed lead times: “Jefferies said lead times for the iPhone 18 Pro and Pro Max shortened across most markets early in the previous week before increasing again towards the weekend. As of September 27, iPhone 18 Pro Max lead times were longer than a year earlier in Hong Kong, China and the United States, shorter in Britain and Germany, and unchanged in Japan. For the iPhone 18 Pro, lead times were longer year over year in Hong Kong and China, shorter in the United States and Germany, and unchanged in Britain and Japan. ((Gee, longer times YOY for BOTH Pro models in Hong Kong AND China, so much for reseller comments that demand seems soft, too bad!! Maybe they really don’t want to buy from you and your inflated prices.)) And “an explanation”: “The analysts cautioned that the later increase could reflect tighter availability as Apple increases production of its DUO device ahead of deliveries scheduled to begin October 23, rather than an increase in underlying demand.“ Jefferies, YOU really believe Apple is pulling production capacity away from Pro Models to build capacity for Duo, while they have significant excess capacity continuing to build iPhone 17 but NOT producing the base iPhone 18, Air/Air 2, and older models? IMO, in other words, Jefferies really hasn’t a clue, and somehow doesn’t believe Apple hasn’t (clearly) been planning production capacity like forever, managing to actually reduce production costs (by eliminating costly third shifts and overtime by bifurcating introductions AND diversifying to India) while dealing with a tight RAM market and newer designs. As before, isolated supply chain hiccups are NOT necessarily indications of significant constraints, until at least Apple itself announces them. As for Duo, even if production is taking longer to ramp up, demand there is likely to keep building and create FOMO for normal buyers, for resellers and gray market buyers, and interested users, leading to what most of us believe to be much more than expected demand and very tight, even scarce Duo supply for some time, despite the issues below. And lastly the Duo e-SIM sold in China which can carry 2 numbers vs Hong Kong regular physical SIMs which can manage up to 8 numbers, supposedly an issue if traveling and you want easy accessibility to multiple numbers in multiple locations or foreign countries, especially in China. Here I agree there is more friction in China regarding carrying more than 2 multiple numbers, requiring strict in person at store phone number management, and getting more from the state owned Chinese Telecoms means them giving up their lucrative roaming charges business models as well as complying with current Chinese regulator rules on ID’s, numbers, and tracking. But is it a big threat to ultimate adoption for well heeled businessmen and women, domestic and foreign travelers, and other use cases? We will just have to let that play out. Maybe those people get their hands on a Hong Kong instead of China only version? Like any new product, Apple had to make choices and some compromises for the greater design goals. With the Duo, some specific “deficits” and “missing features” may be evident with first adopters, but becomes a roadmap for future updates and upgrades for the Duo II and Duo III, plus Duo Max or Duo Pro. Can’t please all of the people all of the time, but maybe 6M this year, 10-14M in 2027, and with a possible update in 2027-2028, who knows?'
  • Gregg Thurman on Premarket: Apple is green - 'There are lots of reasons why (if they truly are) resale pricing of iPhone 18s appear to be soft compared to last year’s iPhone 17. My favorite is the introduction of iPhone Duo. I’ve been negative about the financial impact of a foldable iPhone from the beginning. My sense was that (still is) there is no real market for a $2,000 (minimum) foldable handset. Most purchases of the Duo will be cannibalized from iPhone Pro and Pro Max models. Given that an extremely few consumers will buy 2 iPhones for their personal use, those that would have bought a Pro or Pro Max are waiting for the Duo to ship.'
  • Bart Yee on Premarket: Apple is green - 'Starting in Q4 CY2023, Berkshire Hathaway divested roughly 670 million Apple shares (about 74% of its peak stake) over the past three years. Its peak holdings were 915M shares. How much did BRK earn from those sales? Total Shares Divested ~670M shares Gross Revenue (Proceeds) ~$124 Billion —>> estimated average price of $180-185 per share Total Invested Cost Basis ~$22.5 Billion Realized Pre-Tax Profits ~$100 Billion Estimated Taxes Paid ~$21 Billion Total Net After-Tax Profits ~$79 Billion BRK added that $79B to its now total $325B cash stockpile, adding 24% of the value, moved directly into short-term U.S. Treasury bills. That hoard now generates over $13B in annual interest while having no stock market risk. The $79B portion generates about $3.2B in interest, of course higher than the $750M in AAPL annual dividends it would have made. Of course, if BRK had held, it would have, lemme see here, about $100B over the $124B gross proceeds, about 44% more than when they finished selling. Don’t be sad for BRK, they still have 228M AAPL shares left worth $76B, still their largest position, but GOOGL has been quickly built into its #3 holding. Based on today’s close, the total value of Berkshire’s top five equity blocks stands at an astounding $218.52 billion Apple $76.05B + American Express $45.90B + Alphabet $36.32B + Coca-Cola $34.27B + Bank of America $25.98B). From fourth quarter (Q4) 2023 through today, Apple has repurchased and retired approximately 1.22 billion shares from circulation. The Shrinking Share Count • Shares Outstanding (Q4 2023): ~15.81 billion shares • Shares Outstanding (Current): ~14.59 billion shares • Net Reduction: ~7.7% of the total company share count 1.22B shares, wiped out in roughly three years. Total Dollars Deployed To achieve this massive reduction, Apple utilized its massive free cash flow to execute the following buybacks: • Fiscal 2024: $100.4 billion spent (including a record-breaking $110 billion single authorization) • Fiscal 2025: $96.7 billion spent • Fiscal 2026: Supported by an additional $100 billion program authorized for the year. (Total ~$272B for 1.22B shares, ASP ~ $223/share.) Essentially, Apple, in 3 years, has retired more stock than BRK ever held during its entire AAPL share ownership. Those 670M shares BRK put back into the market were essentially absorbed and retired by Apple and then some.'
  • Robert Paul Leitao on Premarket: Apple is green - 'It’s already drawn a very public response from Apple: 

https://developer.apple.com/news/?id=p6zjojqw From Apple: “We give developers powerful APIs to build incredible capabilities into their apps for Apple products, backed by a set of controls designed to protect users’ private data. Full Disk Access largely sidesteps these controls in order to allow backup apps to function properly on the Mac. Some developers are using Full Disk Access in ways that could put users at risk, exposing everything on their systems—including files, mail, messages, and even browsing history—without users’ full knowledge and understanding. For communication apps, this can also compromise the privacy of the people users are communicating with. Going forward, we will introduce additional controls to ensure that users who genuinely wish to grant an app this extraordinary level of access can only do so with very explicit user action. Addressing this is critical. As AI agents become increasingly capable and autonomous, the risks associated with this level of access will grow substantially. We are committed to ensuring users clearly understand these risks before granting such access, so they can make informed decisions about their own data and privacy.”'
  • Robert Paul Leitao on Premarket: Apple is green - 'Anyone else following this “full disk access” story? This from TechCrunch: https://apple.news/Ad74VfOiqQaCX04ElPij9jg'
  • Bart Yee on Premarket: Apple is green - '“ The broker also pointed to Apple’s use of lower-cost QLC NAND rather than TLC NAND in the 1TB and 2TB versions. Jefferies said the change could affect the relative appeal of the higher-capacity models based on storage performance.” While this is true, but according to Tom’s Hardware Guide: “It’s important to note that these are synthetic benchmarks and are meant to represent a worse case scenario. Users should not experience any performance issues during typical tasks such as web browsing, messaging, gaming, or taking photos. Any slowdown is likely to be noticeable only during specific workloads, such as 4K or ProRes recording, large file transfers, or data backup restores. Having said that, testing by Homolab does point to the trade-off involved in using QLC NAND for a high-capacity flagship smartphone, particularly for users who regularly deal with storage-intensive tasks.“ For the technical details: https://www.tomshardware.com/pc-components/ssds/iphone-18-pro-max-storage-can-drop-lower-than-a-hard-drive-at-1-1-mb-s-during-heavy-writes-qlc-nand-offers-higher-capacity-but-reportedly-suffers-38-percent-drop-compared-to-tlc-based-pro Would it be a deterrent for Pro Models or for the Duo? Maybe a select few in Prosumer applications and use cases, but for most above average Apple users in this price tier, not sure they are aware of it, or would approach these limits. Again, another theoretical situation that applies to a fairly small (but important, every sale is important) user population. Likely to be remedied if and when high capacity TLC NAND Storage comes back to earth.'
  • Bart Yee on Premarket: Apple is green - '“The grey market for Android smartphones operates on fundamentally different mechanics than Apple’s ecosystem. While the iPhone market is a steady, predictable pipeline built on international tax evasion, the Android secondary market relies strictly on extreme hardware scarcity, volatile local currencies, and geopolitical software isolation. When scalping occurs for Android devices, it frequently commands much higher brief premiums than iPhones, but it struggles to achieve the same long-term national scale. A premier example of Android scalping is found in Huawei’s ultra-premium tier, particularly its tri-fold flagship series. Because Huawei creates severe artificial scarcity for these hyper-engineered foldables, market demand completely breaks standard retail expectations. At launch, the Mate XT retailed for roughly twenty-eight hundred dollars, but massive waiting lists allowed scalpers at electronics hubs to flip individual devices for over ninety-eight hundred dollars. This generated staggering seven-thousand-dollar pure profit premiums per phone through proxy-buying syndicates. Despite these massive spikes, the Android grey market fails to scale globally like Apple’s for three structural reasons. First, the global bootloader and regional software wall fracture the user experience. Sourcing a premium Huawei device from China means it operates on HarmonyOS without Google Mobile Services out of the box, making it unusable for everyday Western consumers. Second, Android flagships suffer from rapid depreciation curves. Frequent manufacturer discounts and aggressive carrier trade-in promotions mean middlemen risk losing money if they cannot export inventory immediately. Finally, Android manufacturers intentionally price their devices cheaper in developing nations, organically eliminating the profit margins that third-party smugglers try to capture. Samsung devices are heavily traded on the grey market, though their movement is driven entirely by price arbitrage rather than supply shortages. Traders exploit major geographic price gaps caused by steep import tariffs in regions like Latin America. For instance, middlemen bulk-buy standard unlocked factory US variants of the Galaxy series and smuggle them into Mexico or Brazil, selling them at thirty to forty percent below official local retail prices. Furthermore, major online e-commerce platforms frequently host third-party sellers listing heavily discounted international regional variants sourced from Malaysia or the Middle East. Because Samsung actively fights this unauthorized practice, it deploys much more aggressive software barriers and legal blocks than Apple ever does. To prevent cross-market reselling, Samsung implements a mandatory five-minute regional SIM lock, requiring a continuous phone call using a native SIM in the origin country before an exported device can function globally. Additionally, recent US hardware configurations are rigidly locked out of accepting foreign network eSIMs or international physical SIM cards permanently. Most aggressively, Samsung launched an automated campaign in Mexico that pushed severe system warnings and remotely disabled grey-market smartphones entirely. Although consumer protection pressure eventually forced them to suspend the remote bricking policy, the underlying infrastructure to disable unauthorized imports remains a major deterrent for buyers. Ultimately, navigating the highly complex global Android grey market requires balancing steep upfront discounts against severe regional software lockdowns, strict global hardware restrictions, unexpected carrier incompatibility issues, and potential software security penalties to ensure the product remains functional.”'