I sometimes read posts on here and just laugh.

Its easy to sit in the armchair and say "just be a visionary bro" when they forget Tim worked under Steve for awhile before his death - he has some sense and understanding of what it takes to get a great product out of the door.

Nvidia is generating a lot of revenue, sure - but what is the downstream impact on its customers with the hardware? All they have right now is negative returns to show for their spending. Could this change? Maybe. Is it likely? Not in my view.

As it stands, Apple has made the absolute right choice in not wasting its cash and is demonstrating discipline. Which when all this LLM mania quietens, shareholders will respect.

Arguably, it’s why investors go in for Apple in the first place: Apple’s revenue fundamentally comes from consumer spending, whose prospects are relatively well understood by the average investor.

(I think it’s why big shareholders don’t get angry that Apple doesn’t splash their cash around: their core value proposition is focused in a dizzying tech market; take it or leave it. It’s very Warren Buffett.)

This. I wouldn’t exactly give them bonus points for the handling of Apple Intelligence, but beyond that, they’ve taken a much more measured and evidence-based approach to LLMs than the rest of big tech.

If it ends up that we are in a bubble and it pops, Apple may be among the least impacted in big tech.