Today's Above Avalon stories:

Estimating iPhone SE's Profit Margin
Microsoft Build & Conversation as a Platform
Thursday Q&A

We kick off today's email by estimating the iPhone SE's profit margin. After taking a closer look at Chipworks' iPhone SE teardown report, we discuss the primary drivers of iPhone SE's overall cost profile and how it relates to the iPhone 5s. We then compare the iPhone SE's profit margin to other iPhone models. Next, we look at the big picture coming out Microsoft's developer conference and the "conversation as a platform" subject. Where does Apple fit in this future? We conclude with Thursday Q&A and the following two questions submitted by members:

When will the iPhone Upgrade Program begin impacting Apple's financial results?
Do you think Apple is working on a multi-room home audio system, similar to a cross between Sonos and Amazon Echo?

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