Alphabet Raises Equity, Berkshire Increases Alphabet Stake, Apple Implications

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

• Alphabet Raises Equity

• Berkshire Increases Alphabet Stake

• Apple Implications

We begin with Neil’s thoughts on Alphabet’s plan to raise $80B+ of equity. The discussion then turns to Berkshire Hathaway increasing its stake in Alphabet to more than $30B. We conclude by discussing the potential of Apple following Alphabet in raising equity.

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Oura Unveils Ring 5, Revisiting Swiss Watch Sales, Swatch and Audemars Piguet Launch Royal Pop Watch

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

• Oura Unveils Ring 5

• Revisiting Swiss Watch Sales

• Swatch and Audemars Piguet Launch Royal Pop Watch

Today’s update will have a wearables theme as we begin with smart rings and then shift up a bit to the wrist. We discuss why it remains difficult for Neil to get worked up over smart rings. The update then looks at how Apple Watch has impacted Swiss Watch sales (from 2014 to 2025). This sets the scene to then discuss Swatch and Audemars Piguet collaborating on a pocket watch. We go over why Audemars Piguet (AP) is involved with selling a $400 Swatch pocket watch.

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The Ferrari Luce, Project Titan vs. Ferrari Luce, Rivian Talks Down CarPlay (Again)

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

• The Ferrari Luce

• Project Titan vs. Ferrari Luce

• Rivian Talks Down CarPlay (Again)

The update will have an automobile theme as we discuss various design paths being taken in personal transport. We begin with the Ferrari Luce. After discussing Luce’s various design attributes, we compare the Luce to what Apple was working on with Project Titan. More than a few people took to social media to say that Ferrari Luce was the vehicle that Apple couldn’t get across the finish line with Project Titan. That’s not an accurate assessment. We conclude with Rivian’s software chief’s odd interview with The Verge. There is a flaw in Rivian’s thinking regarding voice assistants and agentic integrations in the car.

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Alphabet Earnings, Netflix Earnings, Spotify Earnings

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

• Alphabet Earnings

• Netflix Earnings

• Spotify Earnings

Last week, we went over Meta’s CY1Q26 earnings. We will continue our 1Q26 tech earnings reviews with Alphabet, Netflix, and Spotify. While all three companies compete with Apple in some fashion, Spotify and Netflix are more direct in their Apple attacks.

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Apple Closes Education Discount Loophole, Kansas City Schools to Become “All-Apple,” Real Madrid on Apple Vision Pro

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

• Apple Closes Education Discount Loophole

• Kansas City Schools to Become “All-Apple”

• Real Madrid on Apple Vision Pro

The update begins with Neil’s thoughts on Apple once again utilizing verification for customers utilizing education pricing in the U.S. The discussion then turns to Apple securing a nice win from Kansas City public schools deciding to become an “all-Apple” district. We conclude with Apple’s latest Apple Immersive Video - “Real Madrid: The Weight of Greatness.”

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Google I/O 2026, Google Search Is AI Search, Too Overwhelming

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

• Google I/O 2026

• Google Search Is AI Search

• Too Overwhelming

The update will be dedicated to going over Neil’s thoughts regarding Google’s I/O developer conference keynote (available here via YouTube). Discussion topics include how Google’s keynote could have been split into two parts, the head fake involving Google Search, and how Google’s AI embrace is so overwhelming.

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Meta Revenue Continues to Impress, Zuckerberg on Agents, HW as a Meta Distraction

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

• Meta Revenue Continues to Impress

• Zuckerberg on Agents

• HW as a Meta Distraction

We will begin circling back to some of the more interesting CY1Q26 earnings releases. Today’s update will be focused on Meta. The update covers Meta’s impressive revenue growth. We then turn to Meta’s spending, where angst is found along two vectors. The discussion then turns to Mark Zuckerberg’s ironic comments regarding AI and agents. We conclude with why Neil thinks hardware is a distraction for Meta.

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Android Show 2026, Google Gives Googlebook Sneak Peek, A Neo Competitor?

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

• Android Show 2026

• Google Gives Googlebook Sneak Peek

• A Neo Competitor?

We will continue the Google discussion as the company made quite a few announcements this week ahead of its I/O developer conference. The update kicks off with Neil’s takeaways from Google’s Android Show 2026 presentation. Attention then turns to Googlebook. Is Googlebook a Chromebook successor? Neil shares his perspective on the answer.

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Google Unveils Rebranded Health App, Google Unveils Fitbit Air, Google Health Coach

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

• Google Unveils Rebranded Health App

• Google Unveils Fitbit Air

• Google Health Coach

We kick off today’s update with Google looking to reinvigorate its consumer-oriented health strategy by rebranding the Fitbit app to the Google Health app. The discussion then turns to Neil’s thoughts on the all-new Fitbit Air. We conclude the update with Google Health Coach.

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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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