" $Apple(AAPL)$ stock in 2026 is what $Alphabet(GOOGL)$ was in 2025."
Dan Ives is bullish on APPL and is supportive of its recent Gemini deal with $GOOGL.
I don't see the comparison, though. At the 2025 lows, GOOGL traded for a P/E of 17, despite 10%+ Revenue growth.
Today, APPL trades for a P/E of 37, despite only 8% top line growth estimates.
AAPL is a zero in AI, and it seems they are throwing in the towel and will just partner with the best provider, and today that might be Gemini.
This seems like a shortsighted decision to me.
Yes, they are saving billions in R&D and capex today, but at the cost of possibly hundreds of billions of future revenues.
I don't believe that depending on GOOGL for such a critical piece of the ecosystem is a wise strategy. What incentive does Google have to make iPhones better?
Lastly, being a zero in the next technological revolution doesn't bode well for their future. GOOGL $Tesla Motors(TSLA)$ $Amazon.com(AMZN)$ $Meta Platforms, Inc.(META)$ are building AI services with huge potential, AAPL is not.
Spending $100B on buybacks at such a critical time is maddness.
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