1 / I say this a lot, but earnings do a great job of putting a spotlight on the problem. I don't think many analysts / pundits truly understand Apple. They don't understand why people buy Apple products. The talking points / analysis ends up being superficial.
2 / Notice how there is always some Apple "crisis." First it was Apple being too dependent on iPhone. Then it was iPhone sales slowing. Then it was Services growth ushering in too much focus on profit. That turned to slowing Services growth. Now it's the ecosystem is too strong.
3 / Meanwhile, Apple's installed base has steadily increased year after year for nearly 20 years. People are spending more money on Apple products (devices and services) because they enjoy the accompanying experiences. Apple is quietly laying the groundwork for what comes next.
4 / Wall Street spent years saying Apple was a HW company. Nope. Apple was then said to be an iPhone company. Nope. Now, some say Apple is a services company. Nope. Few people want to admit that Apple is a design company - a toolmaker creating helpful and useful tools for people.
