Apple -- March 11, 2024

Locator: 46722APPLE.

I have posted and re-posted this many times:

Apple, a $3-trillion-market cap company. Right, wrong, indifferent, I break it down this way:

• $1 trillion: hardware with integrated software, e.g., watches, iPhones, laptops, desktops, Vision Pro.
  
• $1 trillion: services, e.g., cloud services; TV+; music; Siri; medical (oxygen monitor); apps; browser, maps.
  
• $1 trillion: Apple Silicon, the chip division.

With recent developments, this is being changed to:

Apple, a $4-trillion-market cap company. Right, wrong, indifferent, I break it down this way:

• $1 trillion: hardware with integrated software, e.g., watches, iPhones, laptops, desktops, Vision Pro.
  
• $1 trillion: services, e.g., cloud services; TV+; music; Siri; medical (oxygen monitor); apps; browser, maps. Does not include FinTech.
  
• $1 trillion: Apple Silicon, the chip division.
• $1 trillion: FinTech.

If $4 trillion is beyond the pale, then leave it at $3 trillion:

• $750 billion: hardware with integrated software, e.g., watches, iPhones, laptops, desktops, Vision Pro.
  
• $750 billion: services, e.g., cloud services; TV+; music; Siri; medical (oxygen monitor); apps; browser, maps.
  
• $750 billion: Apple Silicon, the chip division.
• $750 billion: FinTech.

I’ll ask again: which sector will benefit most from AI? Services (the cloud), music, or FinTech?