00:00Let's talk a little bit about the share reaction. I mean, you could call this unchanged. It's a
00:04little bit lower when it comes to Apple. But as Romain just laid out, I mean, these numbers
00:09were good. I mean, what is the wow factor that investors want to hear right now, potentially
00:14on this call coming up in five minutes? So it's a beat, but not a blowout, right? Just overall
00:20revenues is like 17% beyond consensus. But greater China accounts for most of that. So what's the
00:26story there? You know, we talked a lot in preview about the new products that are out in the
00:30real world from the low end iPhone 17e MacBook Neo to the higher end new MacBook Pros. Was
00:36that the story? Is it just simply that in a really difficult environment, you guys talked
00:41really well about memory, but Android is suffering in China right now. Maybe that doesn't apply
00:46to iPhone. It's a premium product. The middle is upper class holds up. You don't get that
00:51from the statement. You get it from Tim Cook on the call. Well, I just want to point out
00:54though, too, because you said something that, oh, this wasn't a blowout. But Apple hasn't
00:57really done blowouts in quite some time. I mean, they've been very, very consistent about
01:01guiding. And even just, I mean, you can look at the Bloomberg terminal yourself for our viewers.
01:04You can see the upside surprise on both earnings and revenue. I mean, you have to really go back
01:09to what I'm just looking here at 2021, where you had massive upside surprises coming out of
01:14their earnings. That has kind of been the hallmark of Tim Cook. I mean, in fact, that's why
01:19investors to a large extent rewarded him for so years. He was boring. Sorry, Tim, but you
01:24were consistent and you made a lot of money. Is Ternus, potentially, you think he's going
01:28to be maybe a little grander? I mean, we're going to get, I hate to invoke Steve Jobs's
01:32name, but are we going to get a little bit more Steve Jobs out of him?
01:35It's going to be one of the highlights of my career sitting next to you on the day that
01:38that news was announced. And I told you that it's both things. Apple saw John Ternus'
01:45consistency, but they also told, they also saw him as being more like Steve Jobs, making
01:50bold, riskier decisions, which includes canceling things that aren't working. So maybe that answers
01:56the question. I'd also say the cash machine's intact, right? And they're still just doing
02:00buybacks.
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