Apple Inc.
The Devices People Refuse to Leave
Apple designs the iPhone, Mac and Apple Watch, and sells them alongside a fast-growing pile of subscriptions that keep customers paying long after the hardware is bought.
Bull case for Apple Inc.
Hardware and services lock in each other
Owning one Apple device makes the next purchase and every subscription harder to resist.
Services turn buyers into repeat payers
App Store fees, iCloud and Apple Pay generate steady, high-margin income between phone upgrades.
Own chips and software beat rivals
Designing its own processors and operating systems lets Apple tune performance rivals struggle to match.
Bear case for Apple Inc.
iPhone still drives most sales
A single product line carries the company, so any slowdown in phones hits hard.
App Store fees face legal attack
Regulators and courts are forcing Apple to loosen the fees behind its services growth.
China is a customer and a factory
Apple depends on China for both huge sales and most of its manufacturing.