Are you over 18 and want to see adult content?
More Annotations
A complete backup of reflexeformeetsante.com
Are you over 18 and want to see adult content?
A complete backup of schuetzenverein-guntia.de
Are you over 18 and want to see adult content?
A complete backup of ledlenser.com.au
Are you over 18 and want to see adult content?
A complete backup of upmarketpets.com
Are you over 18 and want to see adult content?
A complete backup of zalgirioarena.lt
Are you over 18 and want to see adult content?
A complete backup of mycookingbookblog.com
Are you over 18 and want to see adult content?
Favourite Annotations
Alberta College of Acupuncture and Traditional Chinese Medicine (ACATCM) Calgary, Alberta
Are you over 18 and want to see adult content?
Colorado Adventure Center – Rafting, Zip lining & Aerial Park Trips in CO
Are you over 18 and want to see adult content?
Aerolinea Wingo - Vuelos a bajo costo
Are you over 18 and want to see adult content?
Ножи Кузницы Назарова В.В. - интернет-магазин ножей с доставкой.
Are you over 18 and want to see adult content?
View Sofia - Удоволствието да имаш стил
Are you over 18 and want to see adult content?
Gill-line | Decals and Labels, Signs and Posters, Computer, Plastic, and Magnetic Products and More!
Are you over 18 and want to see adult content?
StarSat International Official Website - StarSat International
Are you over 18 and want to see adult content?
Librato Has Leveled Up. Introducing SolarWinds® AppOptics™
Are you over 18 and want to see adult content?
Text
workout.
ABOUT - ABOVE AVALON About the author: Neil Cybart is the founder and author of Above Avalon. Sensing a lack of relevant Apple analysis from a financial and business point of view, Neil launched AboveAvalon.com in 2014. Prior to launching Above Avalon, Neil spent seven years with Keefe, Bruyette, & Woods as a sell-side analyst covering the property andcasualty
ABOVE AVALON: NOTES FROM APPLE'S WWDC 2021 KEYNOTE (CONTINUED) Today's Above Avalon daily update concludes my WWDC 2021 keynote review. The email covers the second half of my notes and focuses on my granular thoughts on what Apple announced. The email covers 30 different topics. Above Avalon membership is ABOVE AVALON: NOTES FROM APPLE’S WWDC 2021 KEYNOTE Today's Above Avalon daily update includes the next installment of my WWDC 2021 keynote review. The email covers the first part of my notes and focuses on my granular thoughts on what Apple announced. The 2,500-word email covers 11 different topics. Above Avalon membershipis
APPLE WWDC 2021 KEYNOTE My Apple WWDC 2021 keynote review was discussed in three separate daily updates. The various sections are consolidated in this post.Major Takeaways
ABOVE AVALON: APPLE'S $460 BILLION STOCK BUYBACK The pickup in Apple’s buyback pace in FY2018 and FY2019 was due to U.S. tax reform and Apple utilizing cash that had been in non-U.S. subsidiaries. Last year, Apple spent $55 billion buying back 283 million shares (at an $194 average price) in open market transactions. Adding this total to $12B of accelerated share repurchases, Applespent a
ABOVE AVALON: AT&T TO SPIN OFF WARNERMEDIA, HBO MAX’S Above Avalon members receive the full Above Avalon experience throughout the week. The cornerstone of Above Avalon membership is access to Neil’s exclusive daily updates about Apple. Daily updates are 2,000 words and sent via email Monday through Thursday.APPLE LIQUIDITY
Above Avalon members receive the full Above Avalon experience throughout the week. The cornerstone of Above Avalon membership is access to Neil’s exclusive daily updates about Apple. Daily updates are 2,000 words and sent via email Monday through Thursday. ABOVE AVALON: SPOTIFY IS EVOLVING Spotify Is Evolving. February 12, 2020. Spotify sees the writing on the wall: It’s going to remain difficult to make a profit from streaming music. Despite years of remarkably strong user growth, the high variable costs found with music streaming continue to serve as a financial headwind. Spotify co-founder and CEO Daniel Ek isn’tstanding
ABOVE AVALON: APPLE SALES MIX BY DISPLAY SIZE, WARNERMEDIA Today's Above Avalon daily update includes the following stories: Apple Sales Mix by Display Size WarnerMedia’s Huge Movie Announcement Apple and Movies We will begin today’s update in Apple financial land as we dive deeper into the most interesting exhibit from last week’s Above A ABOVE AVALONABOUTMEMBERSHIPDAILY UPDATESDAILY PODCASTREPORTSCONTACT Last week, Apple quietly unveiled one of the more remarkable pieces of technology that has been developed in the past few years. AssistiveTouch allows one to control an Apple Watch without actually touching the device. Instead, a series of hand and finger gestures can be used to control everything from answering a call to ending aworkout.
ABOUT - ABOVE AVALON About the author: Neil Cybart is the founder and author of Above Avalon. Sensing a lack of relevant Apple analysis from a financial and business point of view, Neil launched AboveAvalon.com in 2014. Prior to launching Above Avalon, Neil spent seven years with Keefe, Bruyette, & Woods as a sell-side analyst covering the property andcasualty
ABOVE AVALON: NOTES FROM APPLE'S WWDC 2021 KEYNOTE (CONTINUED) Today's Above Avalon daily update concludes my WWDC 2021 keynote review. The email covers the second half of my notes and focuses on my granular thoughts on what Apple announced. The email covers 30 different topics. Above Avalon membership is ABOVE AVALON: NOTES FROM APPLE’S WWDC 2021 KEYNOTE Today's Above Avalon daily update includes the next installment of my WWDC 2021 keynote review. The email covers the first part of my notes and focuses on my granular thoughts on what Apple announced. The 2,500-word email covers 11 different topics. Above Avalon membershipis
APPLE WWDC 2021 KEYNOTE My Apple WWDC 2021 keynote review was discussed in three separate daily updates. The various sections are consolidated in this post.Major Takeaways
ABOVE AVALON: APPLE'S $460 BILLION STOCK BUYBACK The pickup in Apple’s buyback pace in FY2018 and FY2019 was due to U.S. tax reform and Apple utilizing cash that had been in non-U.S. subsidiaries. Last year, Apple spent $55 billion buying back 283 million shares (at an $194 average price) in open market transactions. Adding this total to $12B of accelerated share repurchases, Applespent a
ABOVE AVALON: AT&T TO SPIN OFF WARNERMEDIA, HBO MAX’S Above Avalon members receive the full Above Avalon experience throughout the week. The cornerstone of Above Avalon membership is access to Neil’s exclusive daily updates about Apple. Daily updates are 2,000 words and sent via email Monday through Thursday.APPLE LIQUIDITY
Above Avalon members receive the full Above Avalon experience throughout the week. The cornerstone of Above Avalon membership is access to Neil’s exclusive daily updates about Apple. Daily updates are 2,000 words and sent via email Monday through Thursday. ABOVE AVALON: SPOTIFY IS EVOLVING Spotify Is Evolving. February 12, 2020. Spotify sees the writing on the wall: It’s going to remain difficult to make a profit from streaming music. Despite years of remarkably strong user growth, the high variable costs found with music streaming continue to serve as a financial headwind. Spotify co-founder and CEO Daniel Ek isn’tstanding
ABOVE AVALON: APPLE SALES MIX BY DISPLAY SIZE, WARNERMEDIA Today's Above Avalon daily update includes the following stories: Apple Sales Mix by Display Size WarnerMedia’s Huge Movie Announcement Apple and Movies We will begin today’s update in Apple financial land as we dive deeper into the most interesting exhibit from last week’s Above ADAILY UPDATES
Twitter. Above Avalon membership is required to read daily updates. To read previous emails and receive new ones going forward, become a member using the following signup forms ($20 per month or $200 per year). Subscribe $20/month. Subscribe $200/year. Payment is hosted and secured by MoonClerk and Stripe. ABOVE AVALON: NOTES FROM APPLE’S WWDC 2021 KEYNOTE Today's Above Avalon daily update includes the next installment of my WWDC 2021 keynote review. The email covers the first part of my notes and focuses on my granular thoughts on what Apple announced. The 2,500-word email covers 11 different topics. Above Avalon membershipis
ABOVE AVALON: APPLE WWDC 2021 KEYNOTE REVIEW (CONSOLIDATED) My Apple WWDC 2021 keynote review was discussed in three separate daily updates. The various sections are consolidated in this post. Major Takeaways It’s All About the Ecosystem Apple’s Social Play Preparing for AR / Mixed Reality Apple Watch’s Direction Notes andGranular Takea
ABOVE AVALON: NOTES FROM APPLE'S WWDC 2021 KEYNOTE (CONTINUED) Today's Above Avalon daily update concludes my WWDC 2021 keynote review. The email covers the second half of my notes and focuses on my granular thoughts on what Apple announced. The email covers 30 different topics. Above Avalon membership is ABOVE AVALON: APPLE IS PULLING AWAY FROM THE COMPETITION Apple Is Pulling Away From the Competition. July 01, 2020. For the second year in a row, Apple held a developers conference that should frighten its competitors. Relying on a nearly maniacal obsession with the user experience, Apple is removing oxygen from every market that it plays in. At the same time, the tech landscape is riddled with APPLE WWDC — DAILY UPDATES ARCHIVE My Apple WWDC 2021 keynote review was discussed in three separate daily updates. The various sections are consolidated in this post.Major Takeaways
ABOVE AVALON: THE NEW YORK TIMES ARTICLE ON APPLE IN CHINA Above Avalon members receive the full Above Avalon experience throughout the week. The cornerstone of Above Avalon membership is access to Neil’s exclusive daily updates about Apple. Daily updates are 2,000 words and sent via email Monday through Thursday. ABOVE AVALON: TIM COOK GRILLED BY EPIC GAMES TRIAL JUDGE Today's Above Avalon daily update includes the following stories: Tim Cook Grilled By Epic Games Trial Judge Snap Defends the App StoreSort Of Snap Unveils AR Glasses We kick things off with an update on the Epic Games vs. Apple trial. Tim Cook faced an unusually intense lineof q
ABOVE AVALON: APPLE’S WWDC 2021 KEYNOTE Today's Above Avalon daily update is dedicated to looking at the big picture following Apple’s jam-packed WWDC keynote. The email includes the following sections: It’s All About the Ecosystem Apple’s Social Play Preparing for AR / Mixed Reality Apple Watch’s Direction (We will co ABOVE AVALON: APPLE'S BILLION USERS Apple’s ecosystem is massive. Approximately a billion people are using more than 1.4 billion Apple devices. Even as iPhone sales decline, Apple is bringing tens of millions of new people into its ecosystem each year. However, we are getting to a point where it is prudent to begin thinking about what ABOVE AVALONABOUTMEMBERSHIPDAILY UPDATESDAILY PODCASTREPORTSCONTACT Last week, Apple quietly unveiled one of the more remarkable pieces of technology that has been developed in the past few years. AssistiveTouch allows one to control an Apple Watch without actually touching the device. Instead, a series of hand and finger gestures can be used to control everything from answering a call to ending aworkout.
ABOUT - ABOVE AVALON About the author: Neil Cybart is the founder and author of Above Avalon. Sensing a lack of relevant Apple analysis from a financial and business point of view, Neil launched AboveAvalon.com in 2014. Prior to launching Above Avalon, Neil spent seven years with Keefe, Bruyette, & Woods as a sell-side analyst covering the property andcasualty
MEMBERSHIP - ABOVE AVALON Above Avalon Membership. Above Avalon members receive the full Above Avalon experience throughout the week. The cornerstone of Above Avalon membership is access to Neil’s exclusive daily updates about Apple. Daily updates are 2,000 words and sent via email Monday throughThursday.
MACOS MONTEREY
Today's Above Avalon daily update concludes my WWDC 2021 keynote review. The email covers the second half of my notes and focuses on my granular thoughts on what Apple announced. ABOVE AVALON: APPLE'S $460 BILLION STOCK BUYBACK The pickup in Apple’s buyback pace in FY2018 and FY2019 was due to U.S. tax reform and Apple utilizing cash that had been in non-U.S. subsidiaries. Last year, Apple spent $55 billion buying back 283 million shares (at an $194 average price) in open market transactions. Adding this total to $12B of accelerated share repurchases, Applespent a
APPLE LIQUIDITY
Above Avalon members receive the full Above Avalon experience throughout the week. The cornerstone of Above Avalon membership is access to Neil’s exclusive daily updates about Apple. Daily updates are 2,000 words and sent via email Monday through Thursday. ABOVE AVALON: SPOTIFY IS EVOLVING Spotify Is Evolving. February 12, 2020. Spotify sees the writing on the wall: It’s going to remain difficult to make a profit from streaming music. Despite years of remarkably strong user growth, the high variable costs found with music streaming continue to serve as a financial headwind. Spotify co-founder and CEO Daniel Ek isn’tstanding
ABOVE AVALON: APPLE'S PRODUCT STRATEGY IS CHANGING Apple's Product Strategy Is Changing. June 19, 2019. This year’s WWDC felt different. While every WWDC keynote is filled to the brim with new features, this year’s announcements included highly anticipated items like a new Mac Pro and differentiated iPad software features. In addition, there were some genuine surprises such asSwiftUI (a
ABOVE AVALON: APPLE'S DECLINING CAPEX The most surprising revelation found in Apple’s recent 10-Q and 10-K filings is related to capital expenditures (capex). For the first time in 16 years, Apple expects its capex to decline during the current fiscal year. Declining capex is made that much more intriguing for Apple considering how Amazon, Alphabet, Microsoft, and Facebook are each experiencing significant increases in capex. ABOVE AVALON: APPLE'S BILLION USERS WeChat recently surpassed a billion daily users. Facebook sells a “free” product and has 1.6 billion daily users. Using Apple’s current revenue run rate and my estimate for the total number of users, the company earns on average $258 from every user per ABOVE AVALONABOUTMEMBERSHIPDAILY UPDATESDAILY PODCASTREPORTSCONTACT Last week, Apple quietly unveiled one of the more remarkable pieces of technology that has been developed in the past few years. AssistiveTouch allows one to control an Apple Watch without actually touching the device. Instead, a series of hand and finger gestures can be used to control everything from answering a call to ending aworkout.
ABOUT - ABOVE AVALON About the author: Neil Cybart is the founder and author of Above Avalon. Sensing a lack of relevant Apple analysis from a financial and business point of view, Neil launched AboveAvalon.com in 2014. Prior to launching Above Avalon, Neil spent seven years with Keefe, Bruyette, & Woods as a sell-side analyst covering the property andcasualty
MEMBERSHIP - ABOVE AVALON Above Avalon Membership. Above Avalon members receive the full Above Avalon experience throughout the week. The cornerstone of Above Avalon membership is access to Neil’s exclusive daily updates about Apple. Daily updates are 2,000 words and sent via email Monday throughThursday.
MACOS MONTEREY
Today's Above Avalon daily update concludes my WWDC 2021 keynote review. The email covers the second half of my notes and focuses on my granular thoughts on what Apple announced. ABOVE AVALON: APPLE'S $460 BILLION STOCK BUYBACK The pickup in Apple’s buyback pace in FY2018 and FY2019 was due to U.S. tax reform and Apple utilizing cash that had been in non-U.S. subsidiaries. Last year, Apple spent $55 billion buying back 283 million shares (at an $194 average price) in open market transactions. Adding this total to $12B of accelerated share repurchases, Applespent a
APPLE LIQUIDITY
Above Avalon members receive the full Above Avalon experience throughout the week. The cornerstone of Above Avalon membership is access to Neil’s exclusive daily updates about Apple. Daily updates are 2,000 words and sent via email Monday through Thursday. ABOVE AVALON: SPOTIFY IS EVOLVING Spotify Is Evolving. February 12, 2020. Spotify sees the writing on the wall: It’s going to remain difficult to make a profit from streaming music. Despite years of remarkably strong user growth, the high variable costs found with music streaming continue to serve as a financial headwind. Spotify co-founder and CEO Daniel Ek isn’tstanding
ABOVE AVALON: APPLE'S PRODUCT STRATEGY IS CHANGING Apple's Product Strategy Is Changing. June 19, 2019. This year’s WWDC felt different. While every WWDC keynote is filled to the brim with new features, this year’s announcements included highly anticipated items like a new Mac Pro and differentiated iPad software features. In addition, there were some genuine surprises such asSwiftUI (a
ABOVE AVALON: APPLE'S DECLINING CAPEX The most surprising revelation found in Apple’s recent 10-Q and 10-K filings is related to capital expenditures (capex). For the first time in 16 years, Apple expects its capex to decline during the current fiscal year. Declining capex is made that much more intriguing for Apple considering how Amazon, Alphabet, Microsoft, and Facebook are each experiencing significant increases in capex. ABOVE AVALON: APPLE'S BILLION USERS WeChat recently surpassed a billion daily users. Facebook sells a “free” product and has 1.6 billion daily users. Using Apple’s current revenue run rate and my estimate for the total number of users, the company earns on average $258 from every user perDAILY UPDATES
Twitter. Above Avalon membership is required to read daily updates. To read previous emails and receive new ones going forward, become a member using the following signup forms ($20 per month or $200 per year). Subscribe $20/month. Subscribe $200/year. Payment is hosted and secured by MoonClerk and Stripe. MEMBERSHIP - ABOVE AVALON Above Avalon Membership. Above Avalon members receive the full Above Avalon experience throughout the week. The cornerstone of Above Avalon membership is access to Neil’s exclusive daily updates about Apple. Daily updates are 2,000 words and sent via email Monday throughThursday.
QUARTERLY REPORTS
Designed to have a long shelf life and to be used as reference in the future, reports are living documents that receive periodic updates. Reports are published quarterly (four times per year). Above Avalon membership is required to read reports. Become a member using the following signup forms ($20 per month or $200 per year). Subscribe$20/month.
FACETIME — DAILY UPDATES ARCHIVE Above Avalon members receive the full Above Avalon experience throughout the week. The cornerstone of Above Avalon membership is access to Neil’s exclusive daily updates about Apple. Daily updates are 2,000 words and sent via email Monday through Thursday.MACOS MONTEREY
Today's Above Avalon daily update concludes my WWDC 2021 keynote review. The email covers the second half of my notes and focuses on my granular thoughts on what Apple announced.APPLE MIXED REALITY
Today's Above Avalon daily update is dedicated to looking at the big picture following Apple’s jam-packed WWDC keynote. The email includes the following sections: ABOVE AVALON: THE FUTURE OF APPLE RETAIL In recent weeks, there have been a number of intriguing developments in the retail space. Apple and Target announced a partnership that will bring mini Apple stores to 17 Targets . Last week, Disney announced it will close 20% of its stores . As a sign of ABOVE AVALON: APPLE IS PULLING AWAY FROM THE COMPETITION Apple Is Pulling Away From the Competition. July 01, 2020. For the second year in a row, Apple held a developers conference that should frighten its competitors. Relying on a nearly maniacal obsession with the user experience, Apple is removing oxygen from every market that it plays in. At the same time, the tech landscape is riddled with ABOVE AVALON: APPLE HAS A DECADE-LONG LEAD IN WEARABLES Just two months prior, Facebook went on a big PR push to show the world how it was in early R&D stages of working on technology that can also use hand and finger movements to control future gadgets. AssistiveTouch is just the latest example of how Apple’s lead in wearables is still being underestimated. The evidence points to Apple having a wearables lead of not just a few years but ABOVE AVALON: APPLE WON THE SHARE BUYBACK DEBATE Since beginning to repurchase shares in 2013, Apple has spent $380 billion to buy back 10.6 billion shares at an average price of $35.80 per share. It’s tempting to think that Apple’s share buyback has been a success because Apple shares are trading 265% higher than the average price management paid to repurchase shares. ABOVE AVALONABOUTMEMBERSHIPDAILY UPDATESDAILY PODCASTREPORTSCONTACT Last week, Apple quietly unveiled one of the more remarkable pieces of technology that has been developed in the past few years. AssistiveTouch allows one to control an Apple Watch without actually touching the device. Instead, a series of hand and finger gestures can be used to control everything from answering a call to ending aworkout.
ABOUT - ABOVE AVALON About the author: Neil Cybart is the founder and author of Above Avalon. Sensing a lack of relevant Apple analysis from a financial and business point of view, Neil launched AboveAvalon.com in 2014. Prior to launching Above Avalon, Neil spent seven years with Keefe, Bruyette, & Woods as a sell-side analyst covering the property andcasualty
ABOVE AVALON: APPLE’S WWDC 2021 KEYNOTE Today's Above Avalon daily update is dedicated to looking at the big picture following Apple’s jam-packed WWDC keynote. The email includes the following sections: It’s All About the Ecosystem Apple’s Social Play Preparing for AR / Mixed Reality Apple Watch’s Direction (We will co ABOVE AVALON: APPLE'S $460 BILLION STOCK BUYBACK The pickup in Apple’s buyback pace in FY2018 and FY2019 was due to U.S. tax reform and Apple utilizing cash that had been in non-U.S. subsidiaries. Last year, Apple spent $55 billion buying back 283 million shares (at an $194 average price) in open market transactions. Adding this total to $12B of accelerated share repurchases, Applespent a
APPLE LIQUIDITY
Above Avalon members receive the full Above Avalon experience throughout the week. The cornerstone of Above Avalon membership is access to Neil’s exclusive daily updates about Apple. Daily updates are 2,000 words and sent via email Monday through Thursday. ABOVE AVALON: SPOTIFY IS EVOLVING Spotify Is Evolving. February 12, 2020. Spotify sees the writing on the wall: It’s going to remain difficult to make a profit from streaming music. Despite years of remarkably strong user growth, the high variable costs found with music streaming continue to serve as a financial headwind. Spotify co-founder and CEO Daniel Ek isn’tstanding
ABOVE AVALON: APPLE SALES MIX BY DISPLAY SIZE, WARNERMEDIA Today's Above Avalon daily update includes the following stories: Apple Sales Mix by Display Size WarnerMedia’s Huge Movie Announcement Apple and Movies We will begin today’s update in Apple financial land as we dive deeper into the most interesting exhibit from last week’s Above A ABOVE AVALON: THE BIG QUESTION NOW FACING APPLE In FY2019, Apple reported just $7.6 billion of capital expenditures (capex). This was a significant drop from the $16.7 billion of capex in 2018. The most likely reason for the decline in capex was a decline in tooling and manufacturing machinery. ABOVE AVALON: APPLE'S DECLINING CAPEX The most surprising revelation found in Apple’s recent 10-Q and 10-K filings is related to capital expenditures (capex). For the first time in 16 years, Apple expects its capex to decline during the current fiscal year. Declining capex is made that much more intriguing for Apple considering how Amazon, Alphabet, Microsoft, and Facebook are each experiencing significant increases in capex. ABOVE AVALON: THE GRAY MARKET'S IMPACT ON IPHONE PRICING The Gray Market's Impact on iPhone Pricing. October 22, 2018. The expanding gray market for refurbished and previously-owned iPhones continues to gain legitimacy and influence. According to my estimate, approximately 150M iPhones in use passed through the gray market. This means that nearly 20% of iPhones in the wild, including hand-me-down ABOVE AVALONABOUTMEMBERSHIPDAILY UPDATESDAILY PODCASTREPORTSCONTACT Last week, Apple quietly unveiled one of the more remarkable pieces of technology that has been developed in the past few years. AssistiveTouch allows one to control an Apple Watch without actually touching the device. Instead, a series of hand and finger gestures can be used to control everything from answering a call to ending aworkout.
ABOUT - ABOVE AVALON About the author: Neil Cybart is the founder and author of Above Avalon. Sensing a lack of relevant Apple analysis from a financial and business point of view, Neil launched AboveAvalon.com in 2014. Prior to launching Above Avalon, Neil spent seven years with Keefe, Bruyette, & Woods as a sell-side analyst covering the property andcasualty
ABOVE AVALON: APPLE’S WWDC 2021 KEYNOTE Today's Above Avalon daily update is dedicated to looking at the big picture following Apple’s jam-packed WWDC keynote. The email includes the following sections: It’s All About the Ecosystem Apple’s Social Play Preparing for AR / Mixed Reality Apple Watch’s Direction (We will co ABOVE AVALON: APPLE'S $460 BILLION STOCK BUYBACK The pickup in Apple’s buyback pace in FY2018 and FY2019 was due to U.S. tax reform and Apple utilizing cash that had been in non-U.S. subsidiaries. Last year, Apple spent $55 billion buying back 283 million shares (at an $194 average price) in open market transactions. Adding this total to $12B of accelerated share repurchases, Applespent a
APPLE LIQUIDITY
Above Avalon members receive the full Above Avalon experience throughout the week. The cornerstone of Above Avalon membership is access to Neil’s exclusive daily updates about Apple. Daily updates are 2,000 words and sent via email Monday through Thursday. ABOVE AVALON: SPOTIFY IS EVOLVING Spotify Is Evolving. February 12, 2020. Spotify sees the writing on the wall: It’s going to remain difficult to make a profit from streaming music. Despite years of remarkably strong user growth, the high variable costs found with music streaming continue to serve as a financial headwind. Spotify co-founder and CEO Daniel Ek isn’tstanding
ABOVE AVALON: APPLE SALES MIX BY DISPLAY SIZE, WARNERMEDIA Today's Above Avalon daily update includes the following stories: Apple Sales Mix by Display Size WarnerMedia’s Huge Movie Announcement Apple and Movies We will begin today’s update in Apple financial land as we dive deeper into the most interesting exhibit from last week’s Above A ABOVE AVALON: THE BIG QUESTION NOW FACING APPLE In FY2019, Apple reported just $7.6 billion of capital expenditures (capex). This was a significant drop from the $16.7 billion of capex in 2018. The most likely reason for the decline in capex was a decline in tooling and manufacturing machinery. ABOVE AVALON: APPLE'S DECLINING CAPEX The most surprising revelation found in Apple’s recent 10-Q and 10-K filings is related to capital expenditures (capex). For the first time in 16 years, Apple expects its capex to decline during the current fiscal year. Declining capex is made that much more intriguing for Apple considering how Amazon, Alphabet, Microsoft, and Facebook are each experiencing significant increases in capex. ABOVE AVALON: THE GRAY MARKET'S IMPACT ON IPHONE PRICING The Gray Market's Impact on iPhone Pricing. October 22, 2018. The expanding gray market for refurbished and previously-owned iPhones continues to gain legitimacy and influence. According to my estimate, approximately 150M iPhones in use passed through the gray market. This means that nearly 20% of iPhones in the wild, including hand-me-downDAILY UPDATES
Twitter. Above Avalon membership is required to read daily updates. To read previous emails and receive new ones going forward, become a member using the following signup forms ($20 per month or $200 per year). Subscribe $20/month. Subscribe $200/year. Payment is hosted and secured by MoonClerk and Stripe. MEMBERSHIP - ABOVE AVALON Above Avalon Membership. Above Avalon members receive the full Above Avalon experience throughout the week. The cornerstone of Above Avalon membership is access to Neil’s exclusive daily updates about Apple. Daily updates are 2,000 words and sent via email Monday throughThursday.
QUARTERLY REPORTS
Designed to have a long shelf life and to be used as reference in the future, reports are living documents that receive periodic updates. Reports are published quarterly (four times per year). Above Avalon membership is required to read reports. Become a member using the following signup forms ($20 per month or $200 per year). Subscribe$20/month.
ABOVE AVALON: APPLE’S WWDC 2021 KEYNOTE Today's Above Avalon daily update is dedicated to looking at the big picture following Apple’s jam-packed WWDC keynote. The email includes the following sections: It’s All About the Ecosystem Apple’s Social Play Preparing for AR / Mixed Reality Apple Watch’s Direction (We will coAPPLE WWDC 2021
Today's Above Avalon daily update includes the following stories: Previewing Apple’s WWDC 2021. A $650B App Store Ecosystem. The App Store Breeds IPOs and M&A ABOVE AVALON: APPLE IS PULLING AWAY FROM THE COMPETITION Apple Is Pulling Away From the Competition. July 01, 2020. For the second year in a row, Apple held a developers conference that should frighten its competitors. Relying on a nearly maniacal obsession with the user experience, Apple is removing oxygen from every market that it plays in. At the same time, the tech landscape is riddled with ABOVE AVALON: THE NEW YORK TIMES ARTICLE ON APPLE IN CHINA Above Avalon members receive the full Above Avalon experience throughout the week. The cornerstone of Above Avalon membership is access to Neil’s exclusive daily updates about Apple. Daily updates are 2,000 words and sent via email Monday through Thursday. ABOVE AVALON: APPLE’S IMPRESSIVE EVENT Apple’s Impressive Event. April 21, 2021. Today's Above Avalon daily update is dedicated to going over my thoughts on Apple’s “Spring Loaded” product event. The update includes a closer look at the following items: Apple Innovation Feedback Loop. An iMac TurningPoint.
ABOVE AVALON: TIM COOK GRILLED BY EPIC GAMES TRIAL JUDGE Today's Above Avalon daily update includes the following stories: Tim Cook Grilled By Epic Games Trial Judge Snap Defends the App StoreSort Of Snap Unveils AR Glasses We kick things off with an update on the Epic Games vs. Apple trial. Tim Cook faced an unusually intense lineof q
ABOVE AVALON: APPLE WON THE SHARE BUYBACK DEBATE Since beginning to repurchase shares in 2013, Apple has spent $380 billion to buy back 10.6 billion shares at an average price of $35.80 per share. It’s tempting to think that Apple’s share buyback has been a success because Apple shares are trading 265% higher than the average price management paid to repurchase shares. ABOVE AVALONABOUTMEMBERSHIPDAILY UPDATESDAILY PODCASTREPORTSCONTACT Last week, Apple quietly unveiled one of the more remarkable pieces of technology that has been developed in the past few years. AssistiveTouch allows one to control an Apple Watch without actually touching the device. Instead, a series of hand and finger gestures can be used to control everything from answering a call to ending aworkout.
ABOUT - ABOVE AVALON About the author: Neil Cybart is the founder and author of Above Avalon. Sensing a lack of relevant Apple analysis from a financial and business point of view, Neil launched AboveAvalon.com in 2014. Prior to launching Above Avalon, Neil spent seven years with Keefe, Bruyette, & Woods as a sell-side analyst covering the property andcasualty
ABOVE AVALON: APPLE’S WWDC 2021 KEYNOTE Today's Above Avalon daily update is dedicated to looking at the big picture following Apple’s jam-packed WWDC keynote. The email includes the following sections: It’s All About the Ecosystem Apple’s Social Play Preparing for AR / Mixed Reality Apple Watch’s Direction (We will co ABOVE AVALON: APPLE'S $460 BILLION STOCK BUYBACK The pickup in Apple’s buyback pace in FY2018 and FY2019 was due to U.S. tax reform and Apple utilizing cash that had been in non-U.S. subsidiaries. Last year, Apple spent $55 billion buying back 283 million shares (at an $194 average price) in open market transactions. Adding this total to $12B of accelerated share repurchases, Applespent a
APPLE LIQUIDITY
Above Avalon members receive the full Above Avalon experience throughout the week. The cornerstone of Above Avalon membership is access to Neil’s exclusive daily updates about Apple. Daily updates are 2,000 words and sent via email Monday through Thursday. ABOVE AVALON: SPOTIFY IS EVOLVING Spotify Is Evolving. February 12, 2020. Spotify sees the writing on the wall: It’s going to remain difficult to make a profit from streaming music. Despite years of remarkably strong user growth, the high variable costs found with music streaming continue to serve as a financial headwind. Spotify co-founder and CEO Daniel Ek isn’tstanding
ABOVE AVALON: APPLE SALES MIX BY DISPLAY SIZE, WARNERMEDIA Today's Above Avalon daily update includes the following stories: Apple Sales Mix by Display Size WarnerMedia’s Huge Movie Announcement Apple and Movies We will begin today’s update in Apple financial land as we dive deeper into the most interesting exhibit from last week’s Above A ABOVE AVALON: THE BIG QUESTION NOW FACING APPLE In FY2019, Apple reported just $7.6 billion of capital expenditures (capex). This was a significant drop from the $16.7 billion of capex in 2018. The most likely reason for the decline in capex was a decline in tooling and manufacturing machinery. ABOVE AVALON: APPLE'S DECLINING CAPEX The most surprising revelation found in Apple’s recent 10-Q and 10-K filings is related to capital expenditures (capex). For the first time in 16 years, Apple expects its capex to decline during the current fiscal year. Declining capex is made that much more intriguing for Apple considering how Amazon, Alphabet, Microsoft, and Facebook are each experiencing significant increases in capex. ABOVE AVALON: THE GRAY MARKET'S IMPACT ON IPHONE PRICING The Gray Market's Impact on iPhone Pricing. October 22, 2018. The expanding gray market for refurbished and previously-owned iPhones continues to gain legitimacy and influence. According to my estimate, approximately 150M iPhones in use passed through the gray market. This means that nearly 20% of iPhones in the wild, including hand-me-down ABOVE AVALONABOUTMEMBERSHIPDAILY UPDATESDAILY PODCASTREPORTSCONTACT Last week, Apple quietly unveiled one of the more remarkable pieces of technology that has been developed in the past few years. AssistiveTouch allows one to control an Apple Watch without actually touching the device. Instead, a series of hand and finger gestures can be used to control everything from answering a call to ending aworkout.
ABOUT - ABOVE AVALON About the author: Neil Cybart is the founder and author of Above Avalon. Sensing a lack of relevant Apple analysis from a financial and business point of view, Neil launched AboveAvalon.com in 2014. Prior to launching Above Avalon, Neil spent seven years with Keefe, Bruyette, & Woods as a sell-side analyst covering the property andcasualty
ABOVE AVALON: APPLE’S WWDC 2021 KEYNOTE Today's Above Avalon daily update is dedicated to looking at the big picture following Apple’s jam-packed WWDC keynote. The email includes the following sections: It’s All About the Ecosystem Apple’s Social Play Preparing for AR / Mixed Reality Apple Watch’s Direction (We will co ABOVE AVALON: APPLE'S $460 BILLION STOCK BUYBACK The pickup in Apple’s buyback pace in FY2018 and FY2019 was due to U.S. tax reform and Apple utilizing cash that had been in non-U.S. subsidiaries. Last year, Apple spent $55 billion buying back 283 million shares (at an $194 average price) in open market transactions. Adding this total to $12B of accelerated share repurchases, Applespent a
APPLE LIQUIDITY
Above Avalon members receive the full Above Avalon experience throughout the week. The cornerstone of Above Avalon membership is access to Neil’s exclusive daily updates about Apple. Daily updates are 2,000 words and sent via email Monday through Thursday. ABOVE AVALON: SPOTIFY IS EVOLVING Spotify Is Evolving. February 12, 2020. Spotify sees the writing on the wall: It’s going to remain difficult to make a profit from streaming music. Despite years of remarkably strong user growth, the high variable costs found with music streaming continue to serve as a financial headwind. Spotify co-founder and CEO Daniel Ek isn’tstanding
ABOVE AVALON: APPLE SALES MIX BY DISPLAY SIZE, WARNERMEDIA Today's Above Avalon daily update includes the following stories: Apple Sales Mix by Display Size WarnerMedia’s Huge Movie Announcement Apple and Movies We will begin today’s update in Apple financial land as we dive deeper into the most interesting exhibit from last week’s Above A ABOVE AVALON: THE BIG QUESTION NOW FACING APPLE In FY2019, Apple reported just $7.6 billion of capital expenditures (capex). This was a significant drop from the $16.7 billion of capex in 2018. The most likely reason for the decline in capex was a decline in tooling and manufacturing machinery. ABOVE AVALON: APPLE'S DECLINING CAPEX The most surprising revelation found in Apple’s recent 10-Q and 10-K filings is related to capital expenditures (capex). For the first time in 16 years, Apple expects its capex to decline during the current fiscal year. Declining capex is made that much more intriguing for Apple considering how Amazon, Alphabet, Microsoft, and Facebook are each experiencing significant increases in capex. ABOVE AVALON: THE GRAY MARKET'S IMPACT ON IPHONE PRICING The Gray Market's Impact on iPhone Pricing. October 22, 2018. The expanding gray market for refurbished and previously-owned iPhones continues to gain legitimacy and influence. According to my estimate, approximately 150M iPhones in use passed through the gray market. This means that nearly 20% of iPhones in the wild, including hand-me-downDAILY UPDATES
Twitter. Above Avalon membership is required to read daily updates. To read previous emails and receive new ones going forward, become a member using the following signup forms ($20 per month or $200 per year). Subscribe $20/month. Subscribe $200/year. Payment is hosted and secured by MoonClerk and Stripe. MEMBERSHIP - ABOVE AVALON Above Avalon Membership. Above Avalon members receive the full Above Avalon experience throughout the week. The cornerstone of Above Avalon membership is access to Neil’s exclusive daily updates about Apple. Daily updates are 2,000 words and sent via email Monday throughThursday.
QUARTERLY REPORTS
Designed to have a long shelf life and to be used as reference in the future, reports are living documents that receive periodic updates. Reports are published quarterly (four times per year). Above Avalon membership is required to read reports. Become a member using the following signup forms ($20 per month or $200 per year). Subscribe$20/month.
ABOVE AVALON: APPLE’S WWDC 2021 KEYNOTE Today's Above Avalon daily update is dedicated to looking at the big picture following Apple’s jam-packed WWDC keynote. The email includes the following sections: It’s All About the Ecosystem Apple’s Social Play Preparing for AR / Mixed Reality Apple Watch’s Direction (We will coAPPLE WWDC 2021
Today's Above Avalon daily update includes the following stories: Previewing Apple’s WWDC 2021. A $650B App Store Ecosystem. The App Store Breeds IPOs and M&A ABOVE AVALON: APPLE IS PULLING AWAY FROM THE COMPETITION Apple Is Pulling Away From the Competition. July 01, 2020. For the second year in a row, Apple held a developers conference that should frighten its competitors. Relying on a nearly maniacal obsession with the user experience, Apple is removing oxygen from every market that it plays in. At the same time, the tech landscape is riddled with ABOVE AVALON: THE NEW YORK TIMES ARTICLE ON APPLE IN CHINA Above Avalon members receive the full Above Avalon experience throughout the week. The cornerstone of Above Avalon membership is access to Neil’s exclusive daily updates about Apple. Daily updates are 2,000 words and sent via email Monday through Thursday. ABOVE AVALON: APPLE’S IMPRESSIVE EVENT Apple’s Impressive Event. April 21, 2021. Today's Above Avalon daily update is dedicated to going over my thoughts on Apple’s “Spring Loaded” product event. The update includes a closer look at the following items: Apple Innovation Feedback Loop. An iMac TurningPoint.
ABOVE AVALON: TIM COOK GRILLED BY EPIC GAMES TRIAL JUDGE Today's Above Avalon daily update includes the following stories: Tim Cook Grilled By Epic Games Trial Judge Snap Defends the App StoreSort Of Snap Unveils AR Glasses We kick things off with an update on the Epic Games vs. Apple trial. Tim Cook faced an unusually intense lineof q
ABOVE AVALON: APPLE WON THE SHARE BUYBACK DEBATE Since beginning to repurchase shares in 2013, Apple has spent $380 billion to buy back 10.6 billion shares at an average price of $35.80 per share. It’s tempting to think that Apple’s share buyback has been a success because Apple shares are trading 265% higher than the average price management paid to repurchase shares. ABOVE AVALONABOUTMEMBERSHIPDAILY UPDATESDAILY PODCASTREPORTSCONTACT Just two months prior, Facebook went on a big PR push to show the world how it was in early R&D stages of working on technology that can also use hand and finger movements to control future gadgets. AssistiveTouch is just the latest example of how Apple’s lead in wearables is still being underestimated. The evidence points to Apple having a wearables lead of not just a few years but ABOUT - ABOVE AVALON Most Accurate Apple Financial Analyst . Neil is consistently ranked as the overall most accurate Apple financial analyst (1Q19 rankings / 4Q19 rankings / 2Q20 rankings / 1Q21 rankings).Above Avalon members have exclusive access to Neil’s financial estimates andQUARTERLY REPORTS
Above Avalon Reports. Reports are in-depth examinations into Apple. Each report is 4,000 to 5,000 words and focused on one topic. Reports include a mix of data, analysis, and theory.INFO FOR MEMBERS
Daily Podcast Add-On . Designed as an add-on feature that can be attached to an existing membership, Above Avalon Daily allows the written daily updates to be accessible beyond your screens so you can listen around the house, on a walk, or in the car. ABOVE AVALON: APPLE'S $460 BILLION STOCK BUYBACK Share buybacks have once again come under fire. Some companies that were recent buyers of their shares now find themselves in financial distress and seeking bailouts due to economic fallout from the pandemic. Set within this environment and backlash, Apple is scheduledto provide a
APPLE LIQUIDITY
Above Avalon members receive the full Above Avalon experience throughout the week. The cornerstone of Above Avalon membership is access to Neil’s exclusive daily updates about Apple. Daily updates are 2,000 words and sent via email Monday through Thursday. ABOVE AVALON: THE BIG QUESTION NOW FACING APPLE Predictions are nothing more than attempts at manufacturing clarity for what is inherently a sea of unknown. With New Year predictions, two things need to happen. The person issuing the prediction needs to come up with what may happen, and the predicted event has to occur within an arbitrary time pe ABOVE AVALON: APPLE'S PRODUCT STRATEGY IS CHANGING This year’s WWDC felt different. While every WWDC keynote is filled to the brim with new features, this year’s announcements included highly anticipated items like a new Mac Pro and differentiated iPad software features. In addition, there were some genuine surprises such ABOVE AVALON: APPLE'S DECLINING CAPEX The most surprising revelation found in Apple’s recent 10-Q and 10-K filings is related to capital expenditures (capex). For the first time in 16 years, Apple expects its capex to decline during the current fiscal year. Declining capex is made that much more intriguing for Apple considering how Amazon, Alphabet, Microsoft, and Facebook are each experiencing significant increases in capex. ABOVE AVALON: THE GRAY MARKET'S IMPACT ON IPHONE PRICING The expanding gray market for refurbished and previously-owned iPhones continues to gain legitimacy and influence. According to my estimate, approximately 150M iPhones in use passed through the gray market . This means that nearly 20% of iPhones in the ABOVE AVALONABOUTMEMBERSHIPDAILY UPDATESDAILY PODCASTREPORTSCONTACT Just two months prior, Facebook went on a big PR push to show the world how it was in early R&D stages of working on technology that can also use hand and finger movements to control future gadgets. AssistiveTouch is just the latest example of how Apple’s lead in wearables is still being underestimated. The evidence points to Apple having a wearables lead of not just a few years but ABOUT - ABOVE AVALON Most Accurate Apple Financial Analyst . Neil is consistently ranked as the overall most accurate Apple financial analyst (1Q19 rankings / 4Q19 rankings / 2Q20 rankings / 1Q21 rankings).Above Avalon members have exclusive access to Neil’s financial estimates andQUARTERLY REPORTS
Above Avalon Reports. Reports are in-depth examinations into Apple. Each report is 4,000 to 5,000 words and focused on one topic. Reports include a mix of data, analysis, and theory.INFO FOR MEMBERS
Daily Podcast Add-On . Designed as an add-on feature that can be attached to an existing membership, Above Avalon Daily allows the written daily updates to be accessible beyond your screens so you can listen around the house, on a walk, or in the car. ABOVE AVALON: APPLE'S $460 BILLION STOCK BUYBACK Share buybacks have once again come under fire. Some companies that were recent buyers of their shares now find themselves in financial distress and seeking bailouts due to economic fallout from the pandemic. Set within this environment and backlash, Apple is scheduledto provide a
APPLE LIQUIDITY
Above Avalon members receive the full Above Avalon experience throughout the week. The cornerstone of Above Avalon membership is access to Neil’s exclusive daily updates about Apple. Daily updates are 2,000 words and sent via email Monday through Thursday. ABOVE AVALON: THE BIG QUESTION NOW FACING APPLE Predictions are nothing more than attempts at manufacturing clarity for what is inherently a sea of unknown. With New Year predictions, two things need to happen. The person issuing the prediction needs to come up with what may happen, and the predicted event has to occur within an arbitrary time pe ABOVE AVALON: APPLE'S PRODUCT STRATEGY IS CHANGING This year’s WWDC felt different. While every WWDC keynote is filled to the brim with new features, this year’s announcements included highly anticipated items like a new Mac Pro and differentiated iPad software features. In addition, there were some genuine surprises such ABOVE AVALON: APPLE'S DECLINING CAPEX The most surprising revelation found in Apple’s recent 10-Q and 10-K filings is related to capital expenditures (capex). For the first time in 16 years, Apple expects its capex to decline during the current fiscal year. Declining capex is made that much more intriguing for Apple considering how Amazon, Alphabet, Microsoft, and Facebook are each experiencing significant increases in capex. ABOVE AVALON: THE GRAY MARKET'S IMPACT ON IPHONE PRICING The expanding gray market for refurbished and previously-owned iPhones continues to gain legitimacy and influence. According to my estimate, approximately 150M iPhones in use passed through the gray market . This means that nearly 20% of iPhones in theARTICLES ARCHIVE
Recent Articles (past three months) Designed by Apple in California, Not Assembled in China.One phrase that has become a fixture on Apple device boxes and some Apple products is “Designed by Apple in California Assembled in China.” MEMBERSHIP - ABOVE AVALON Above Avalon Membership. Above Avalon members receive the full Above Avalon experience throughout the week. The cornerstone of Above Avalon membership is access to Neil’s exclusive daily updates about Apple. Daily updates are 2,000 words and sent via email Monday throughThursday.
DAILY UPDATES
Above Avalon Daily Updates. The cornerstone of Above Avalon membership is access to Neil’s exclusive daily updates about Apple. Daily updates are 2,000 words and sent via email Monday through Thursday. CONTACT - ABOVE AVALON Please fill out the form below to contact Neil. Above Avalon members receive priority when it comes to having email questions and inquiriesanswered.
APPLE WWDC 2021
Today's Above Avalon daily update includes the following stories: Previewing Apple’s WWDC 2021. A $650B App Store Ecosystem. The App Store Breeds IPOs and M&AJONY IVE'S LOVEFROM
Today's Above Avalon daily update includes the following stories: Apple’s Future Competition in Wearables. Jony Ive’s Involvementwith the New iMac
PODCAST ADD-ON FORM
Daily Podcast Add-On Form. The following form is for Above Avalon members looking to add or remove the podcast add-on ($10 per month or$100 per year).
ABOVE AVALON: APPLE’S IMPRESSIVE EVENT Today's Above Avalon daily update is dedicated to going over my thoughts on Apple’s “Spring Loaded” product event. The update includes a closer look at the following items: Apple Innovation Feedback Loop An iMac Turning Point AirTag and Location Layers We begin today’s update with my big ABOVE AVALON: SPOTIFY IS EVOLVING Spotify sees the writing on the wall: It’s going to remain difficult to make a profit from streaming music. Despite years of remarkably strong user growth, the high variable costs found with music streaming continue to serve as a financial headwind. Spotify co-founder and CEODaniel Ek
ABOVE AVALON: APPLE'S BILLION USERS Apple’s ecosystem is massive. Approximately a billion people are using more than 1.4 billion Apple devices. Even as iPhone sales decline, Apple is bringing tens of millions of new people into its ecosystem each year. However, we are getting to a point where it is prudent to begin thinking about what* About
* Free Articles
* Free Podcast
* Membership
* Daily Updates
* Daily Podcast
* Reports
* Contact
* Archives
* Member Login
* Member Archive
* Info for Members
* Menu
* About
* Free Articles
* Free Podcast
* Membership
* Daily Updates
* Daily Podcast
* Reports
* Contact
* Archives
* Member Login
* Member Archive
* Info for Members
2010 - 2021
Above Avalon LLC
APPLE HAS A DECADE-LONG LEAD IN WEARABLESMay 27, 2021
Last week, Apple quietly unveiled one of the more remarkable pieces of technology that has been developed in the past few years. AssistiveTouch allows one to control an Apple Watch without actually touching the device. Instead, a series of hand and finger gestures can be used to control everything from answering a call to ending a workout. The video below showcasing AssistiveTouch is quiteimpressive:
","url":"https://www.youtube.com/watch?v=xlrnxP7XIho","resolvedBy":"youtube","floatDir":null,"providerName":"YouTube"}" data-block-type="22" id="block-yui_3_17_2_1_1622137796742_23504"> Just two months prior, Facebook went on a big PR push to show the world how it was in early R&D stages of working on technology that can also use hand and finger movements to control future gadgets. AssistiveTouch is just the latest example of how Apple’s lead in wearables is still being underestimated. The evidence points to Apple having a wearables lead of not just a few years but more like a decade. APPLE WEARABLES BY THE NUMBERS According to my estimate, Apple is on track to sell more than 100 million wearable devices in 2021. That total represents nearly 40% of the number of iPhones that will be sold during the same time period. Unit sales don’t tell the full story, however. On a new-user basis, Apple is seeing more people enter the wearables arena than buy a new iPhone for the first time. EXHIBIT 1: APPLE WEARABLES UNIT SALES (2017 TO 2021) Note: Apple wearables include Apple Watch, AirPods, and select Beatsheadphones.
On a revenue basis, Apple Watch, AirPods, and select Beats headphones are a $30 billion per year business. That would rank Apple wearables on a combined basis just shy of a Fortune 100 company. Assuming continued Apple Watch and AirPods momentum, along with Apple expanding its wearables platform by getting into face wearables (AR/VR headsets and glasses), Apple wearables will likely be able to generate up to $50 billion of revenue annually within a few years. EXHIBIT 2: APPLE WEARABLES REVENUE (2017 TO 2021) Note: Apple wearables include Apple Watch, AirPods, and select Beatsheadphones.
MEASURING APPLE’S LEAD When Apple unveiled the iPhone in January 2007, Steve Jobs famously said that the iPhone was “literally five years ahead of any othermobile phone
.”
He ended up being mostly correct. It took the competition a number of years, and a whole lot of copying, to catch up with what Apple hadjust unveiled.
With wearables, my suspicion is Apple’s lead is longer than five years. There are three components to Apple’s wearables lead:*
Custom silicon / technology / sensors (a four to five-year lead over the competition, and that is being generous to the competition)*
Design-led product development processes that emphasizes the user experience (adds three years to Apple’s lead)*
A broader ecosystem build-out in terms of a suite of wearables and services (adds two years to Apple’s lead) Apple has at least a four-to-five year lead over the competition when thinking about just the technology powering its wearables. Everything from custom silicon and health monitoring sensors to audio and AR-focused technologies come together to set Apple apart from the competition. Only a select number of companies will likely be able to even compete with Apple on the technology front. Others will be forced to pursue partnerships. Apple’s wearables lead extends beyond four to five years when taking into account attributes that set wearables apart from mobile devices. Succeeding on the technology front is not enough. Wearables need to be designed so that people want to be seen wearing them for extended periods of time. A smartwatch or wireless pair of headphones must also be able to work seamlessly with other devices and services. A competitor needs to have not only an answer for effectively competing with Apple Watch on the wearables front, but also answers for various services available on AirPods and Apple’s other devices. Looking ahead, Apple’s entry into face wearables will only make the hill to climb that much steeper for competitors trying to go after Apple Watch and AirPods. For competitors, the intimidating part is that the pieces needed to compete effectively with Apple wearables are unable to be worked on concurrently (at the same time). A company needs to first spend the required years developing and researching the core technologies before turning its focus on ensuring the right kind of collaboration exists between engineering and design. Product sales will then need to materialize before a company has the means of leaning on an ecosystem to sell additional wearable devices.APPLE M&A
A different way of measuring Apple’s lead in wearables is to look at the company’s M&A activity. Apple has been busy buying tech and talent for its upcoming face wearables play for the past six years. In wearables land, the days of new products taking only two to three years to develop are over. The required technology and R&D required to get such devices off the ground require much more lead time.*
Metaio - AR
(2015)
*
SensoMotoric Instruments – AR glasses (2017)*
Vrvana
– AR / hand & positional tracking technology (2017)*
Akonia Holographics
– AR glasses (2018)*
NextVR
– content platform for wearables (2020)*
Spaces
– content platform for wearables (2020) EXAMPLES OF APPLE’S LEAD There are a number of real-world examples demonstrating Apple’s significant lead in wearables.*
ASSISTIVETOUCH VS. FACEBOOK REALITY LABS. Two months ago, Facebook gave the press a peek at how it is researching using a smartwatch-like device as an input method for a pair of AR glasses.
The research, centered on electromyography,
looked to be in the pretty early stages with many years needed before seeing the technology in a consumer-facing product. The video was intriguing as it showed research that was thought to be at the forefront of what is going on in technology R&D today. Apple then shocked everyone by unveiling AssistiveTouch for Apple Watch. Instead of showing a behind-the-scenes look at an R&D project, Apple unveiled a technology ready for users today. The technology, relying on a combination of sensors and technologies to turn the Apple Watch into a hand / finger gesture reader, was designed for those in need of additional accessibility. Of course, the technology can go on to have other use cases over time, such as controlling a pair of smart glasses like the ones Facebook is working on. AssistiveTouch does a good job of showing just how far ahead Apple is on the wearables R&Dfront.
*
GOOGLE I/O 2021. At its 2021 developers conference, Google showed signs of finally taking wrist wearables seriously by ditching Wear OS and partnering with Samsung on a new OS.
While it is fair to be skeptical that the effort will end up being successful, the announcement was a marked change from prior Google I/Os when wearables were all but ignored. Diving a bit deeper into Google’s announcement, it’s easy to see how far behind Google truly is in wearables. The company doesn’t even have an OS capable of powering a smartwatch. This may be excusable if Apple Watch was just unveiled. However, last month marked Apple Watch’s sixthanniversary.
*
SNAP SPECTACLES 4 / MICROSOFT HOLOLENS / MAGIC LEAP. While we see a handful of companies release various kinds of prototype hardware for the face (AR/VR/mixed reality), nothing has stuck with consumers. The feeling in the air is that they all lack something – design thinking. This is an item that is not easy to recreate with most companies simply not structured to emphasis design. Many companies will need to rethink their face wearables strategies once Apple enters the market. None have viable answers for smartwatches or wireless headphones either, which make their face-focused efforts lookincomplete.
HOW DID THIS HAPPEN? Apple’s lead in wearables wasn’t driven by any one factor or item. Instead, a series of events came together to give Apple anadvantage.
*
APPLE WAS EARLY. One way to build a big lead against the competition is to get an early start. Wearables represent a paradigm shift incomputing
, and
few companies other than Apple saw it coming. As for how Apple was able to see it so early, wearables are all about making technology more personal - a mission Apple has been on for decades. In a way, Apple was built to excel with wearables. Apple’s lack of fear in coming up with new products that may potentially impact sales of existing products also helped the company run wrist-first into wearables in the early 2010s.*
VOICE COMPUTING DISTRACTION. Even after Apple began to unveil its wearables strategy, many competitors balked at following the company. Competitors thought the actual paradigm shift materializing was found with voice computing. Most of these companies didn’t have the hardware expertise to do well with wearables out of the gate, so they pinned their hopes on voice assistants being piped through stationary speakers. Once the stationary smart speaker mirage became apparent,
companies found themselves years behind Apple on the wearablesfront.
*
WEARABLES REQUIRE DESIGN EXPERTISE. It’s not enough to just throw together some leftover smartphone components and ship wearables. People want to wear devices that they are OK with being seen in. This is one reason why so many companies have looked at Apple Watch for design cues. The lack of design talent and ability remains a major roadblock for many companies.*
ECOSYSTEM AND TECHNOLOGY ADVANTAGE. Wearables are the ultimate ecosystem play. On the technology front, Apple was able to utilize lessons learned from mobile devices to push wearables forward. Not many companies are able to do the same. Consolidation in thesmartphone space
has left only a handful of companies even in a position to have a wearables and mobile ecosystem. The probability of there being a wave of smartwatch OEMs utilizing something akin to Android remains low.*
NO PRICE AND FEATURE UMBRELLAS UNDER APPLE. One reason Android found oxygen in the smartphone space is that Apple left a pretty wide price umbrella under the iPhone. In addition, Android positioned itself as giving users features that iPhone users may not have had access to. No such umbrellas exist in wearables. Entry-level AirPods sell for $159 and are often available for less at third-party retailers. Apple Watch is available starting at $199. It is very difficult for a hardware manufacturer to sell wearables for less than Apple and turn a profit. Meanwhile, companies that would look to make money in other ways, such as through data collection, are still stuck with the requirement of wearables needing to look good enough to be worn in public. Six years after releasing the Apple Watch, it’s still not clear who is going to represent genuine competition for Apple in the wearables space. Apple’s success in wearables is finally being noticed by others, as seen by the growing number of companies selling products for the body (Amazon, Microsoft, Facebook, Google, Samsung, Huawei, Xiaomi, Garmin, and the list goes on). However, none are in as strong of a position as Apple was in a few years ago, let alone today. Apple’s wearables lead stands to grow further once the company enters face wearables. The next few years will likely dictate the power structure in wearables for the next 10 to 20 years. When it comes to competitors figuring out a way to slow Apple in wearables, it’s now or never. _Listen to the corresponding Above Avalon podcast episode for thisarticle __here_
_._
_Receive my analysis and perspective on Apple throughout the week via exclusive daily updates (3 stories per day, 12 stories per week). Available to Above Avalon members. To sign up and for more information on membership, visit the __membership page__._
Tags: Apple has a decade-long lead in wearables,
Apple's wearables lead, Apple wearables
, Apple Watch
, AirPods
, Apple Glasses
, Apple AR
, Apple VR
, Apple's wearables strategy, Apple Watch
revenue , AirPods unit sales , How many Apple Watches has Apple sold?,
AssistiveTouch on Apple Watchwearables , Metaio
, NextVR
, Spaces
, Google I/O 2021
, Google wearables
Share
ABOVE AVALON PODCAST EPISODE 182: APPLE’S UNDERESTIMATED MANUFACTURING APPARATUSApril 23, 2021
Apple is quietly and gradually showing us that the phase “Designed by Apple in California Assembled in China” will evolve. In episode 182, Neil goes over the changes taking place within Apple’s supply chain and manufacturing apparatus. The discussion includes a breakdown of where Apple products are manufactured and the relationship between Apple and its contract manufacturers. To listen to episode 182, go here.
The complete Above Avalon podcast episode archive is available here.
Subscribe to receive future Above Avalon podcast episodes:*
RSS Feed (for your
favorite podcast player)*
Apple Podcasts
*
apparatus ,
Does Apple own its factories?, Does Apple
manufacture it's products?,
Foxconn , Apple's contractmanufacturers
, Designed
by Apple in California Assembled in China,
Apple and Vietnam , Apple and Malaysia , Apple manufacturing in the U.S., Why doesn't
Apple produce products in the U.S.?Share
DESIGNED BY APPLE IN CALIFORNIA, NOT ASSEMBLED IN CHINAApril 15, 2021
One phrase that has become a fixture on Apple device boxes and some Apple products is “Designed by Apple in California Assembled in China.” Those eight words may not mean much to the average Apple consumer, but they sufficiently sum up how a company now worth more than two trillion dollars became one of the largest sellers of consumer gadgets. A gradual change to Apple’s supply chain and product manufacturing apparatus is now underway. One byproduct of this change is an increasing number of Apple product boxes that no longer contain “Designed by Apple in California Assembled in China.” The change has implications for how Apple will approach product manufacturing in the 2020s.DESIGNED BY APPLE
Most analysts and pundits have landed on Apple’s custom silicon efforts as the defining source of the company’s success – the single-most important factor in explaining how Apple has been able to stand out from its peers. While Apple’s silicon prowess is undoubtedly a key differentiator for the company, the decade-long bet isn’t the fundamental reason why the company is where it is today. Instead, one has to look at the processes and culture that made Apple’s silicon efforts possible in the first place. Ultimately, Apple’s design-led culture is the single-most responsible factor behind the company’s ability to expand its installed base to more than a billion people. The relationships that Apple has formed with its customers aren’t just any connections but rather some of the strongest and most loyal connections in the corporate world. Apple placed a big bet on design (how we use products) and was proven right. Believing that technology is too powerful of a force to enjoy without acquired perception and natural intelligence made Apple an outlier. Other companies are now trying to emulate Apple’s design-led thinking and culture with varying degrees of success.IN CALIFORNIA
While those residing in the U.S. may not make much out of the “in California” component of “Designed by Apple in California,” Apple’s roots and heritage are intertwined with Silicon Valley. Apple can be described as a headquarters-centered company. Despite announcing major expansion plans in Austin,
and new presences / expansion in in a handful of U.S. cities including Seattle (poach Amazon employees), San Diego (poach Qualcomm employees), Culver City (poach Hollywood talent), Pittsburgh (autonomous systems), New York (media and publishing), Boston (robotics), Portland (hardware-related efforts), and Boulder (possibly related to health-related efforts), everything comes back to Apple Park in Cupertino, California. Apple Park remains the sun with all of these satellite offices and campuses revolving around it. Taking a step back from Apple in particular, the era when it was either Silicon Valley or bust ended years ago. However, that doesn’t mean Silicon Valley has been displaced as one of the most concentrated sources of innovation and new age thinking in the world. Recent attempts by some to paint other parts of the U.S. such as Miami and Austin as new Silicon Valleys may make for great tweet threads and blog posts, but for every person “fleeing” Silicon Valley, there are multiple people ready to be a replacement.ASSEMBLED IN CHINA
The controversial part of “Designed by Apple in California Assembled in China” is “Assembled in China.” For some products, Apple has relied on “Made in China.” In recent years, Apple’s extensive ties to China regarding its supply chain and manufacturing apparatus have been labeled as major liabilities. Headlines and narratives are universally slanted against Apple’s approach to China, home to approximately 15% to 20% of Apple’s users.
Many pundits want Apple to simply close up shop in China and abandon its users in the country. As relations between the world’s two economic powerhouses deteriorate, Apple has been described as being stuck in the middle. Of course, such a simplistic description lacks nuance. When it comes to China, Apple’s position is not nearly as perilous as western media wants people to think. Apple has been able to maintain its premium brand status in China and the brand remains heavily influential in China’s tech scene. It’s not outlandish to say that most non-iPhone smartphones sold in China are heavily “inspired” by the iPhone. The same can be said about wearables being “inspired” by Apple Watch and AirPods. In addition to a strong brand, Apple has a few key things going for it when it comes to its power standing and positioning in China. Being ultimately the driver behind the largest private employer in China means something. Not only are Apple products destined for sale in China made in China, but the country has been responsible for manufacturing Apple products sent to other countries. Being home to Apple’s supply chain and manufacturing apparatus gives China power and standing in its economic battle with the U.S. and increasingly other countries, including India. NOT ASSEMBLED IN CHINA In December 2020, I ordered two HomePod mini speakers shortly after Apple unveiled the lower-cost speaker. One of my initial observations about the speakers materialized before opening the boxes. The back of the HomePod mini box did not contain the usual “Designed by Apple in California Assembled in China” phrase. Instead, the following wasprinted on the box:
View fullsize
“Designed by Apple in California Made in Vietnam.” Rumors had pegged the new HomePod mini as being assembled in Vietnam. Even then, seeing Vietnam on the box was an eye-opener. Taking a step back from the HomePod mini, we see Apple embark on a broader move away from China for product manufacturing. The following products are currently, or will be, assembled outside of China.*
VIETNAM: AirPods Pro, HomePod mini, AirPods (rumored), iPad (rumored),Mac (rumored)
*
INDIA: iPhone, iPad (rumored)*
MALAYSIA: Mac mini
*
U.S.: Mac Pro
(While the Mac Pro has been assembled in the U.S. for years, the device sells in such low numbers that it’s tough to say Apple has embraced U.S. manufacturing.) A handful of countries in Southeast Asia are now in a position to manufacture Apple products. Some of this is due to governments increasingly accommodating foreign investment. Another factor is Apple’s long-time and vital business partner, Foxconn, showing a renewed effort to diversify its own business and footprint outside ofChina.
At the heart of this manufacturing transformation, one simple principle is guiding Apple: retaining power. By diversifying product assembly outside of China, Apple ends up pitting both governments and assemblers against each other. Apple stands to be one of the largest beneficiaries from increased economic rivalry between China, India, and Southeast Asia countries. Apple continues to take advantage of India’s more friendly and accommodating environment to bring a growing portion of iPhone production to the country. As for some of the finer strategy details found with Apple’s move, instead of announcing a big change like “we are moving all iPhone production out of China,” which western media has been demanding for years, Apple is taking the more practical and intelligent approach. The company remains careful not to disrupt its existing assembly apparatus. The vast majority of product assembly remains in China. Apple has looked outside of China to handle assembly for newer products that sell in much lower volumes relative to the iPhone. Such decisions involve a comprehensive examination of not just product assemblers (Foxconn, Pegatron, Luxshare, Wistron) but also the ability of key suppliers to work with the diversification efforts. Apple benefits from having resources and assets close to assemblers. Looking down the road, it is reasonable to expect a growing percentage of Apple products will be assembled outside of China. It is even likely that Apple will bring manufacturing back to the U.S. and we would be talking something much larger than the Mac Pro. Instead of iPhones and iPads being made in Alabama, Georgia, or Tennessee, it is more likely that Apple Cars will one day be produced in sprawling plants that are owned by third parties but contain Apple-owned machinery and equipment.
EVOLUTION
Apple is quietly and gradually showing us that the phase “Designed by Apple in California Assembled in China” will evolve. The company remains heavily invested in China, and that likely won’t change in the near term. However, by gradually diversifying product assembly into other countries, Apple ends up showing the world that its supply chain contains much more optionality than critics imagined. The battle between the world’s top economic powers for Apple’s business will be a key theme to watch in the 2020s. _Listen to the corresponding Above Avalon podcast episode for thisarticle __here_
_._
_Receive my analysis and perspective on Apple throughout the week via exclusive daily updates (3 stories per day, 12 stories per week). Available to Above Avalon members. To sign up and for more information on membership, visit the __membership page__._
_For additional discussion on this topic, check out __the Above Avalon daily update from April 19th__._
Tags: Designed by Apple in California, Not
Assembled in China , Assembled in China , Apple in China , Apple's Chinastrategy , Foxconn
, Pegatron
, iPhones in India
, iPads in India
, Mac mini Malaysia
, Mac Pro U.S.
, AirPods Pro Vietnam , HomePod mini Vietnam, AirPods Vietnam
, Mac vietnam
, iPad Vietnam
, Apple's position in ChinaShare
ABOVE AVALON PODCAST EPISODE 181: LET'S TALK APPLE RETAILMarch 20, 2021
When asked to identify Apple’s crown jewel, most will point to the iPhone or iPad. Apple’s retail operations probably wouldn’t be too high on many people’s lists. This is a mistake. In episode 181, Neil discusses Apple’s retail operations with a focus on where Apple Retail is headed and what changes are needed. Discussion topics include the three distinct phases that Apple Retail has experienced, the roles that Apple stores need to play going forward, and the three big bets that Apple is placing with its stores. To listen to episode 181, go here.
The complete Above Avalon podcast episode archive is available here.
Subscribe to receive future Above Avalon podcast episodes:*
RSS Feed (for your
favorite podcast player)*
Apple Podcasts
*
are there?
, Apple
store , Apple retail store growth, AAPL retail
, Angela Ahrendts
, Angela Ahrendts at Apple, Apple's real
estate , Let's talk
Apple Retail ,
Apple Retail 101
Share
Prev / Next
BY NEIL CYBART
-------------------------DAILY UPDATES
Featured
Jun 3, 2021
Previewing Apple’s WWDC 2021, A $650B App Store Ecosystem, The App Store Breeds IPOs and M&AJun 3, 2021
Jun 3, 2021
Jun 2, 2021
Apple’s Future Competition in Wearables, Jony Ive’s Involvement with the New iMac, Ford F-150 Lightning Reservations TallyJun 2, 2021
Jun 2, 2021
May 27, 2021
The Logic for Tech Companies to Own Content, Google Teams up with HCA Healthcare, Apple's Healthcare RiskMay 27, 2021
May 27, 2021
May 26, 2021
WarnerDiscovery and Apple M&A, Ranking Paid Video Streaming Leaders, Netflix Contemplating Move into GamingMay 26, 2021
May 26, 2021
May 25, 2021
The Epic Games Trial Hasn’t Been Embarrassing For Apple, Amazon Close to Buying MGM, Why Apple Passed on MGMMay 25, 2021
May 25, 2021
May 24, 2021
Tim Cook Grilled By Epic Games Trial Judge, Snap Defends the App Store…Sort Of, Snap Unveils AR GlassesMay 24, 2021
May 24, 2021
Read More
-------------------------REPORTS
Featured
Share Buyback 101: An Examination of Apple’s Share RepurchaseStrategy
Industrial Design at Apple Product Vision: How Apple Thinks About the World Apple and Dividends: A Deep Dive into Apple’s Cash DividendStrategy
Apple’s Leadership Structure Under Tim Cook and Jony IveRead more
-------------------------FOLLOW ON TWITTER
Neil Cybart
Above Avalon
The Above Avalon Podcast Above Avalon Members0 items $0
Details
Copyright © 2024 ArchiveBay.com. All rights reserved. Terms of Use | Privacy Policy | DMCA | 2021 | Feedback | Advertising | RSS 2.0