| Ticker | Direction | Speaker | Thesis | Time |
|---|---|---|---|---|
| LONG | Ryan | "If you look at all the major AI concerns that are in the market right now, it's kind of amazing how much Apple has completely sidestepped them... Apple isn't really spending [massive Capex]. If you're worried about AI eating software, Apple isn't really software." The market is currently punishing companies with high AI capital expenditures and those whose software moats are threatened by LLMs. Apple avoids both "landmines" while retaining the upside of being the physical distribution layer (iPhone) through which consumers access AI. Long AAPL as a defensive "Pick and Shovel" play on AI distribution rather than creation. Failure to integrate AI features compellingly could lead to hardware obsolescence if consumers switch to AI-native devices. | 0:00 | |
| LONG | Ryan | "Multiyear agreement with Alphabet for Google to basically run the AI tech on Apple devices, including Siri." There was a risk that Apple would develop a proprietary "Siri LLM" that excluded Google. By partnering, Google secures its distribution on the world's most valuable hardware ecosystem, mitigating the risk of losing mobile search/query volume. Long Google on the confirmation of its mobile distribution moat. Regulatory scrutiny over the Apple/Google search and AI partnership. | 1:14 | |
| WATCH | Ryan | "Talking five, ten years from now... VR and AR headsets and glasses, this could be sort of an iPhone killer... Even Meta's glasses, which I think they have partnerships with Ray Bans... Apple is getting into this." The terminal risk for the smartphone economy is a hardware platform shift. If "Smart Glasses" replace phones, the companies currently investing in that hardware (Meta, Apple) are the only ones hedging against the death of the handset. Watch these tickers for adoption rates in AR/VR hardware as a long-term hedge against smartphone saturation. The technology remains early and may never achieve the ubiquity of smartphones. | 2:56 |