Apple, every mention
126 scenes (2023), the whole family · ← back to Apple
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every year 2023 anyone Ben Gilbert 489David Rosenthal 323Morris Chang 27Ben Thompson 22Brendan Eich 16Mark Zuckerberg 12John Bathgate 12David Senra 10Mitch Lasky 8Steve Ballmer 6
Verbatim, from the transcripts: the passages where Apple comes up
Holiday Special 2023 (Audio) · Acquired
- ▶ 55:23 Ben Gilbert Apple, yeah.
- ▶ 1:46:02 Ben Gilbert You might be a singularly productive individual who then goes on to be Craig Federici and, you know, run all of Apple software.
- ▶ 2:00:57 Ben Gilbert It's called Silo on Apple TV.
- ▶ 2:03:56 Ben Gilbert So, I've had this thing where, as iPhone cameras have gotten better and better, the computational photography, like, what Apple does to photos makes them look a certain way, and I've sort of gotten used to that way that photos look, and…
Visa (Audio) · Acquired
- ▶ 1:44:08 David Rosenthal It was started in the same place and time as Intel, Atari, Apple.
- ▶ 2:15:08 David Rosenthal You walk up to a terminal, you double click your Apple Watch, or you insert a card, or you tap a green or whatever, and it just works, and it gets authorized, and you get your thing immediately.
- ▶ 2:50:00 Ben Gilbert Apple, 25%.
- ▶ 2:50:02 Ben Gilbert They have an incredibly marked up product that is differentiated wildly by brand.
- ▶ 3:25:34 Ben Gilbert Apple, I just think is like a general bear case here, but here's my sort of specific implementation.
- ▶ 3:25:40 David Rosenthal Specifically Apple Pay, right?
- ▶ 3:25:42 Ben Gilbert So on a Apple Pay transaction, I'm pretty sure Apple makes about as much as Visa does, because they stack an extra 15 basis points on top
- ▶ 3:25:42 Ben Gilbert So on a Apple Pay transaction, I'm pretty sure Apple makes about as much as Visa does, because they stack an extra 15 basis points on top
- ▶ 3:26:03 Ben Gilbert And so if Apple has convinced merchants that it's fine to lose another 15 basis points on every transaction because it's so freaking convenient that users get to tap their phone or their watch, that is just step one in an equation.
- ▶ 3:26:17 Ben Gilbert Here's the, like, really extreme Apple payment bull case.
- ▶ 3:26:21 Ben Gilbert If Apple were to have payment terminals, then they could totally run all of those Apple Pay payments on their own network.
- ▶ 3:26:21 Ben Gilbert If Apple were to have payment terminals, then they could totally run all of those Apple Pay payments on their own network.
- ▶ 3:26:40 Ben Gilbert Apple just puts a little charge on top of it, and then it's the same way any other transaction happens.
- ▶ 3:26:46 Ben Gilbert But if I were to Apple Pay,
- ▶ 3:26:48 Ben Gilbert With my Apple card at an Apple point of sale, why would that ever need to run on Visa's network?
- ▶ 3:26:48 Ben Gilbert With my Apple card at an Apple point of sale, why would that ever need to run on Visa's network?
- ▶ 3:26:55 Ben Gilbert And so, Apple doesn't make point of sale hardware today, but if they were to acquire Square, or if they were to do something way out of their DNA and go acquire, like, Verifone or a legacy provider, they could create their own closed loop…
- ▶ 3:27:20 David Rosenthal I mean, they're Apple, right?
- ▶ 3:27:22 David Rosenthal They just use iPads, and they would have, as part of Apple Pay, they would have Apple Pay for merchant software that would be on the iPads.
- ▶ 3:27:38 Ben Gilbert Apple could totally just go buy Block and do this overnight and light up all the existing merchants.
- ▶ 3:27:48 Ben Gilbert I mean, maybe they would try, but Apple is not going to be in the business of directly having a sales force to sign up all these merchants.
- ▶ 3:28:03 Ben Gilbert I mean, the other thing, the lighter weight thing on Apple is, even if they don't try to build their own closed-loop thing, who really cares what's in your wallet when your wallet is your phone?
- ▶ 3:28:39 Ben Gilbert And Apple is actually the means of payment, not the card.
- ▶ 3:29:06 David Rosenthal Yep, and Apple Pay and Google Pay along with it are, I think, by, like, many, many, many orders of magnitude the most successful
- ▶ 3:29:28 David Rosenthal I mean, there have been other alternative payment systems over the years, and none of them match, at least domestically in the U.S., Apple and Google Pay.
- ▶ 3:31:32 Ben Gilbert One benefit to them of digital payments, we talked about the potential drawback with Apple being able to maybe disintermediate in some way that's not exactly clear yet, is
- ▶ 3:31:43 Ben Gilbert So the way that Apple Pay works is that your card doesn't actually get sent to the merchant, your card number.
- ▶ 3:35:08 David Rosenthal One other additional I said I was going to add on bull case sort of as a response to the Apple and by association Google bear case.
- ▶ 3:35:15 David Rosenthal You know, pretty much everybody we talked to pointed out as the number one most obvious bear case for Visa right now is Apple and Google, and the incredible progress and inroads that they have made into Rails and transactions.
- ▶ 3:35:40 David Rosenthal You know, there may be nuance that I'm missing here, but if you play out how, let's say Apple decides, okay, we want to go after Visa, I'm not sure how Apple could actually do that, really, without becoming a bank themselves, you know.
- ▶ 3:36:03 David Rosenthal Does Apple want to be a bank?
- ▶ 3:36:05 Ben Gilbert Well, they could become like a Stripe.
- ▶ 3:36:09 Ben Gilbert They're the technology providers, and they have merchant acquirer banks behind them.
- ▶ 3:36:14 David Rosenthal Yeah, sure, they could do that.
- ▶ 3:36:17 David Rosenthal Apple's finance and fintech operations do not exist in a vacuum.
- ▶ 3:36:23 David Rosenthal Is Apple gonna take on the risk to the Apple franchise of all the regulation and scrutiny that comes from that?
- ▶ 3:36:31 Ben Gilbert Apple will eventually saturate their market, and they are looking for what the next frontier is, and 200 trillion dollars of volume moving around the global economy.
- ▶ 3:36:52 David Rosenthal Apple succeeds.
- ▶ 3:36:53 David Rosenthal They do it.
- ▶ 3:36:54 David Rosenthal They eat Visa.
- ▶ 3:36:55 David Rosenthal Visa's market cap is now added to Apple's market cap.
- ▶ 3:37:00 David Rosenthal Apple's market cap just grew by 25%.
- ▶ 3:37:03 Ben Gilbert Well, I think they have to think that they can improve something.
- ▶ 3:37:06 Ben Gilbert They won't go into this unless they think they can improve both the user experience and create a better business out of it.
- ▶ 3:37:13 Ben Gilbert And they will, I mean, the Vision Pro will come out, and we'll have to see if that is the future or not, but post that, like, they're gonna do a car, or they're gonna go into payments.
- ▶ 3:37:13 Ben Gilbert And they will, I mean, the Vision Pro will come out, and we'll have to see if that is the future or not, but post that, like, they're gonna do a car, or they're gonna go into payments.
- ▶ 3:37:23 David Rosenthal They gotta keep going after bigger and bigger markets.
- ▶ 3:37:26 Ben Gilbert The cute apple that we know of years past is gone, and we just have to think about, like, what would a good capital allocator do with their strategic position?
- ▶ 3:37:34 David Rosenthal I'm not making the argument that they're still the cute apple.
- ▶ 3:37:36 David Rosenthal I'm just saying, like, I think actually entering this arena introduces a significant amount of risk to the whole franchise that they have to weigh in a way that some of these other markets don't.
Charlie Munger (Audio) · Acquired
- ▶ 41:05 Andrew Marks I'm curious, not being a tech person, how did you think about the Apple investment and what gave you the conviction to be so big?
- ▶ 41:33 Charlie Munger Apple was a logical candidate to be on the list for which you're going to select your companies, and it's not very hard to come up with the idea that it may be ok
- ▶ 41:46 Ben Gilbert In fact, there are these acronyms, FAANG or MAMA, you know, Microsoft, Apple, Google, Facebook, but selecting the one and putting hundreds of billions of dollars into it.
- ▶ 42:55 Ben Gilbert You mentioned this idea that when we were talking about Apple, there's a few companies that it's just really important to be in.
- ▶ 44:49 Charlie Munger Well, I don't like that as well as I like something with a real consumer brand of its own like Apple.
NVIDIA CEO Jensen Huang · Acquired
- ▶ 32:27 David Rosenthal We sort of said like, could you imagine Apple shipping two iPhones a year?
- ▶ 32:35 David Rosenthal For illustrative purposes, not to pick on Apple or whatnot.
- ▶ 59:32 unnamed speaker Apple, Amazon.
Nvidia Part III: The Dawn of the AI Era (2022-2023) (Audio) · Acquired
- ▶ 1:57:30 Ben Gilbert and it's some customer demos, but it's not like the Apple keynotes where Tim Cook's calling up another Apple employee.
- ▶ 2:01:35 David Rosenthal To me, the dynamics here are a lot like Apple and iOS.
- ▶ 2:01:43 David Rosenthal Apple has thousands and thousands and thousands of developers working on iOS.
- ▶ 2:01:56 David Rosenthal But at Apple, it's all tightly controlled, and it's coupled with hardware.
- ▶ 2:02:08 Ben Gilbert I think this is exactly the right framing here, that NVIDIA is the Apple of AI, and PyTorch is sort of Android, because it's open source, and it's got a bunch of different companies that care about it.
- ▶ 2:02:40 Ben Gilbert But yes, they are absolutely running the Apple playbook here.
- ▶ 2:05:40 David Rosenthal Imagine Apple doing two WWDCs a year.
- ▶ 2:15:16 David Rosenthal You know, could an apple-sized company do two WWDCs a year?
- ▶ 2:16:59 Ben Gilbert When referring to oneself NVIDIA as the Apple, because I really think that the parallels are uncanny, that they have this vertically integrated hardware and software stack provided by NVIDIA.
- ▶ 2:17:30 Ben Gilbert The only way in which it's different is Apple has always had a market cap that sort of lagged its proven value to users, whereas Nvidia right now is, uh, exactly over their skis.
- ▶ 2:18:48 Ben Gilbert Putting some of their own secret sauce on, but it's not like they're doing Apple style M three creation of a chip from scratch.
- ▶ 2:25:06 Ben Gilbert I mean, Apple's put fifteen billion dollars into, rumored, into their headset.
- ▶ 2:25:52 Ben Gilbert Yeah, but Google, Facebook, Apple, at some point here, there's a game of chicken that ends, and some of these companies go all in and say, yeah, we have smart engineers too, like, we're gonna figure this out.
Costco (Audio) · Acquired
- ▶ 2:04:18 David Rosenthal Is that a Costco or an Apple store?
- ▶ 2:04:33 Ben Gilbert It's important to point out, you made the comment about Apple, Costco's margins are a lot lower than Apple, so they're generating a huge amount of revenue dollars, not so much on the margin dollars, but as we've been talking about, that's…
- ▶ 2:05:28 Ben Gilbert Apple, of course, is the goat at 5500 dollars a square foot with high margins.
- ▶ 2:05:34 Ben Gilbert I mean, Apple is just a nuts business.
- ▶ 2:25:04 Ben Gilbert And, you know, they've won over everyone from Apple to Dom Perignon.
- ▶ 2:27:14 David Rosenthal You mentioned Apple.
- ▶ 2:27:15 David Rosenthal Apple sells through Costco.
- ▶ 2:49:29 David Rosenthal Apple is two weeks.
- ▶ 2:49:34 Ben Gilbert If I buy it at Apple, it's a fourteen-day return policy.
Nike (Audio) · Acquired
- ▶ 2:07:46 David Rosenthal So, Nike IPOs, the second week of December in 1980, the same week as Apple.
- ▶ 2:08:09 David Rosenthal Apple, for comparison's sake, was 1.8 billion dollars.
- ▶ 2:51:44 Ben Gilbert And most people didn't realize it at the time, because keep in mind, 2006, over in Apple, Steve Jobs is still the CEO.
- ▶ 3:35:35 Ben Gilbert It's like designed by Apple in California.
Porsche (with Doug DeMuro) · Acquired
- ▶ 1:51:19 David Rosenthal And when he does, speaking of Apple, he kind of pulls a Steve Jobs return like moment.
- ▶ 2:06:49 David Rosenthal Could have bought Apple stock or Carrera GT.
- ▶ 2:52:15 Doug DeMuro I mean, Ferrari's still charging like two grand to put Apple CarPlay as an option in their cars.
- ▶ 3:01:38 Doug DeMuro Unlike Apple where you're dialed into everything.
- ▶ 3:08:51 David Rosenthal Um, not strong relative to the technology industry and software or Apple.
- ▶ 3:09:03 Ben Gilbert Apple's a 43% gross margin.
Lockheed Martin (Audio) · Acquired
- ▶ 43:28 David Rosenthal We are gonna have a lot more tech in Silicon Valley and Apple stuff that's gonna come up here in just a little bit.
- ▶ 1:16:17 Ben Gilbert No Lockheed, no Woz in Silicon Valley, no Apple.
- ▶ 1:16:20 David Rosenthal No Apple.
- ▶ 2:52:27 Ben Gilbert And I sunk a billion dollars into developing the next great device, and then no one bought them.
Spotify CEO Daniel Ek · Acquired
- ▶ 6:44 David Rosenthal Facebook's got all these different apps, and Apple has all these different apps.
- ▶ 1:33:40 Daniel Ek And I think this is like really key because if you think about the, the ones we talk about as iconic companies, the Apples, the Amazons of the world, we all tend to forget a few things, but one is that many of them are quite old at this…
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