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(AAPL) has actually been exceedingly good at delivering the promise of AI.
Apple's AI strategy focuses on hardware, ecosystem integration, and privacy rather than large frontier models.
KEY POINTS
- Apple's installed base grew 8.7% to 2.5 billion, with iPhone sales up 23% last quarter.
- Apple achieves a 68% return on invested capital despite spending only ~3% of revenue on capex.
- Apple's gross margins are projected to reach a record-high 48–49% due to its AI approach.
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