Apple Raises Entry-Level Mac Mini Price, DRAM and NAND Impact on iPhone, Apple Device SKU Management

Today's Above Avalon Daily update includes the following stories: 

• Apple Raises Entry-Level Mac Mini Price

• DRAM and NAND Impact on iPhone

• Apple Device SKU Management

We begin today’s update with a change to the Mac mini line. The discussion then shifts to memory (DRAM) and storage (NAND). Consensus may be overestimating the degree to which higher DRAM) and NAND pricing will impact Apple’s gross margins. We conclude with a closer look at how potentially prioritizing SKUs with higher margins represents one strategy for how Apple plans to navigate massive price increases in DRAM and NAND.

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Apple and Intel to Partner on Chips, How Apple Benefits, TSMC Isn’t Going Anywhere

Today's Above Avalon Daily update includes the following stories: 

• Apple and Intel to Partner on Chips

• How Apple Benefits

• TSMC Isn’t Going Anywhere

We kick off today’s update with Neil’s thoughts on Apple and Intel reportedly reaching a deal regarding chips. The discussion includes four main ways that Apple stands to benefit from the deal. We conclude with why TSMC, Apple’s current chip supplier, isn’t going anywhere.

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Reading Between the Lines of Apple’s 2Q26 Earnings Q&A With Analysts, Takeaways From Apple’s 2Q26 10-Q, Subscriber Q&A

Today's Above Avalon Daily update includes the following stories: 

• Reading Between the Lines of Apple’s 2Q26 Earnings Q&A With Analysts

• Takeaways From Apple’s 2Q26 10-Q

• Subscriber Q&A

Instead of just recapping the question and answer exchanges that occurred on Apple’s 2Q26 earnings call, we will go over Neil’s thoughts / response to each exchange. This will allow Neil to go beyond what was talked about on the call. The discussion then turns to the most interesting takeaways from Apple’s 2Q26 10-Q. The update concludes with the latest installment of subscriber Q&A in which Neil answers the following questions from Above Avalon Daily subscribers:

• Could Apple’s decision to slow down its buyback be due to concerns found with higher memory pricing?

• Why would Apple CEO succession lead to a dramatic shift in R&D spending plans? Wouldn’t Tim Cook have relied on John Ternus and others for advice and recommendations on what kind of investment pace was needed?

• Is Apple looking to invest in their own semiconductor fabrication plant?

• Are there any obvious Apple products that can be deemphasized following these Apple leadership changes?

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Apple Halts Share Buyback, Apple’s Net Cash Trajectory, Net Cash Neutral vs. Excess Cash

Today's Above Avalon Daily update includes the following stories: 

• Apple Halts Share Buyback

• Apple’s Net Cash Trajectory

• Net Cash Neutral vs. Excess Cash

Following Apple’s earnings release, the most prevalent incoming question dealt with Apple’s decision to sunset its net cash neutral goal. While we went over my initial thoughts on the topic in last Friday’s update, there’s room to go deeper. Before we get to net cash, we will discuss the latest developments regarding Apple’s share buyback program. 

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Apple’s 2Q26 In Three Charts

Today's Above Avalon Daily update includes the following story: 

• Apple’s 2Q26 In Three Charts

Hello everyone. Welcome to a new week. We will continue our Apple 2Q26 earnings review by focusing on three data points that did a great job of telling the subplots underpinning the quarterly numbers. The iPhone was responsible for 60% of Apple’s revenue growth, the Mac is on track to see the strongest unit sales growth of any Apple product category, while R&D expense as a percent of revenue reflects change in the air.

Let’s discuss.

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Apple Earnings, Stellar iPhone Demand, Apple Sunsets Net Cash Neutral Target

Today's Above Avalon Daily update includes the following stories: 

• Apple Earnings

• Stellar iPhone Demand

• Apple Sunsets Net Cash Neutral Target 

Hello everyone. Welcome to May. This is a special Friday edition of the Above Avalon Daily as we analyze Apple’s 2Q26 results and 3Q26 guidance.

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Previewing Apple’s 2Q26 Earnings: Above Avalon Estimates

Today's Above Avalon Daily update includes the following story: 

• Previewing Apple’s 2Q26 Earnings: Above Avalon Estimates

Today’s update will conclude our Apple 2Q26 earnings preview. Apple reports earnings tomorrow (Thursday) at 4:30 pm ET. The next update will go out Friday in the AM.

My updated Apple earnings model (works with Excel and Numbers) with revised 2Q26 and FY26 estimates is now available to those of you who have an Above Avalon Models subscription attached to your Above Avalon Daily subscription. To access the earnings model, log into the Above Avalon payer portal (here). Once signed in, go to the "Digital Package" tab which will bring you to your personalized page where the model can be downloaded. If you are interested in subscribing to Above Avalon Models, learn more about the subscription and accompanying bundle savings at this page.

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Previewing Apple’s 2Q26: It’s All About Product Supply

Today's Above Avalon Daily update includes the following story: 

• Previewing Apple’s 2Q26: It’s All About Product Supply

Hello everyone.

Our attention will shift to Apple earnings. Apple will report FY2Q26 earnings on Thursday. Today’s update will kick off our earnings preview while tomorrow’s update (Wednesday PM) will include my granular estimates.

My updated Apple earnings model will also go live tomorrow (Wednesday PM) for those subscribed to Above Avalon Models (more information is available here).

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Where Apple Is Headed

Today's Above Avalon Daily update includes the following story: 

• Where Apple Is Headed

Hello everyone. This is shaping up to a busy week.

Apple reports FY2Q26 earnings on Thursday. We will utilize tomorrow’s update to begin going over my expectations heading into earnings. Each Apple earnings report has its unique characteristics and tone. This week’s earnings release has the potential of being quite unusual.

For today’s update, we will wrap up the initial wave of analysis regarding Apple’s next leadership era. Given last week’s Apple CEO transition news, much attention is being placed on where the company is headed from a product perspective.

To recap the past few updates:

• Tuesday (April 21st): Apple’s next leadership era (what Apple announced, Tim Cook’s new role, announcement timing)

• Thursday (April 23rd): What Apple may look like with John Ternus as CEO.

• Today: Where Apple is headed (from a product perspective).

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What Apple May Look Like With John Ternus as CEO

Today's Above Avalon Daily update includes the following story: 

• What Apple May Look Like With John Ternus as CEO

Hello everyone. We will continue our discussion from Tuesday.

Today’s update essentially combines what would have been two updates. Given the amount to digest, there may be some follow-up next week.

After reading today’s update, if you have questions that you would like addressed or featured, send them my way.

As people continue to digest this week’s Apple leadership transition news, there has been a desire to contemplate how Ternus will lead Apple.

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Apple's Next Leadership Era

Today's Above Avalon Daily update includes the following stories: 

• John Ternus to Succeed Tim Cook as Apple CEO

• Cook to Become Apple Executive Chairman

• Timing Looks Perfect

Hello everyone. We are going to jump straight into today’s update dedicated to the big news regarding Apple CEO succession. 

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Amazon to Acquire Globalstar, Apple to Partner With Amazon Leo, The Big Picture

Today's Above Avalon Daily update includes the following stories: 

• Amazon to Acquire Globalstar

• Apple to Partner With Amazon Leo

• The Big Picture

Hello everyone. It feels good to be back after a week off. We have big news to discuss: Apple has announced its CEO succession plans. John Ternus will succeed Tim Cook as CEO with Cook moving over to the executive chairman role. Given how the news came out just a few hours ago, we will dedicate tomorrow’s update (available here) (and possibly Wednesday’s) to the leadership changes.

For today’s update, we will go over big news in the satellite space that will have a direct impact on Apple. Let’s jump in.

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There Isn’t a MacBook Neo “Dilemma”

Today's Above Avalon Daily update includes the following story: 

• There Isn’t a MacBook Neo “Dilemma”

Happy Friday. Today’s update will be dedicated to discussing MacBook Neo. There is a new narrative circulating around the Apple rumor blogosphere that Apple is facing some kind of “dilemma” with Neo. The update ended up taking longer than expected to write as a few corollaries needed proper investigation.

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New iPhone Demand Clues, iPhone 17 Sales Strength, iPhone Air Popularity by Country

Today's Above Avalon Daily update includes the following stories: 

• New iPhone Demand Clues

• iPhone 17 Sales Strength

• iPhone Air Popularity by Country

Hello everyone. Today's update will take us to iPhone land.

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iPhone Circles the Moon, Shot on iPhone, The Big Picture

Today's Above Avalon Daily update includes the following stories: 

• iPhone Circles the Moon

• Shot on iPhone

• The Big Picture

Hello everyone. We will jump into today’s update with an intriguing storyline involving Apple and Artemis II.

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