Apple Inc. (AAPL · NASDAQ)
The Device Half a Billion People Won't Put Down
Apple makes the iPhone, Mac, iPad and Apple Watch, and increasingly earns money from the apps, subscriptions and payments running on them.
Bull case for Apple Inc.
Hardware and software locked together
Owning both the chip and the software lets Apple tune devices rivals cannot match.
Services turn owners into subscribers
A huge installed base of devices feeds steady, high-margin App Store and subscription revenue.
A brand people pay a premium for
Loyal customers upgrade willingly and rarely defect, giving Apple pricing power rivals lack.
Bear case for Apple Inc.
iPhone still carries the company
One product drives most sales, so any stumble in phones hits the whole business.
China is both factory and market
Heavy reliance on China for making and selling devices exposes Apple to trade tensions.
Regulators are prying open the App Store
Forced changes to App Store fees and rules could dent lucrative services income.