Hello everyone. We kick things off with the fourth largest U.S. retailer sounding the alarms about the U.S. consumer. The update goes over how U.S. consumers becoming more cautious stands to impact Apple. The discussion then turns to Apple signing a new multi-year deal with Broadcom. We conclude with Peloton’s rebranding and new membership tiers. It’s extremely hard for Peloton to come in below Neil’s expectations these days. The company’s new membership tiers do just that.

Let’s jump into today’s update.

More Signs of U.S. Consumers Turning Cautious

On Apple’s most recent earnings call, management alluded to seeing some weakening in iPhone demand in the U.S. This would manifest itself through Apple’s financials via fewer unit sales as upgrade rates slow. In what would only be a partial offset to lower unit sales, iPhone ASP may actually benefit from the development as the phones that Apple does sell tend to be higher end.

There were a few incoming comments from members that sowed some doubt that Cook was telling the full story. How can U.S. consumers be balking on iPhone purchases when the jobs picture is so strong?

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