It’s Tough Making Money From Hardware

In the 10th episode of the AVALON podcast, Neil discussed the following topics/subjects:

What's on the Agenda (the bulk of the discussion modeled after Apple’s Monday morning meetings)

• How companies play Wall Street's expectations game.

• The environment heading into Big Tech earnings.

• Apple 3Q25 earnings.

• How Apple's various product categories are performing.

• The difficulty found with reporting hardware revenue growth.

Lighting Round (two topics two minutes each)

• Apple projecting capex to rise.

• Apple and tariffs.

Give Me a Break (something ridiculous that jumped out at me)

• Apple management’s commentary regarding M&A being weaponized.

Tell Me More (something intriguing that has my attention)

• Visual Intelligence.

Listen to the first four minutes of the episode below:

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