Apple, TOM, Mark Gurman discussed on Bloomberg Surveillance
He hasn't P 500 is higher in the open. It's up 6/10 Percent or 22 points and 37 72, the Dow Jones industrial average of 7/10 Percent or 214 points at 30,520. And then asked, except for transfer center 54 points at 13,324 10 Year Treasury down 6 30 seconds he had 1.3% they yield on the two year 20.11% 9 makes crude oil is up 1% or 53, cents of 53 38 a barrel Comex gold. Is up 7/10 percent or $13 in 18 61 90 announced the euro 1.21 to 5 against the dollar. The yen 104.36 games. Stop. It's down about 15% right now on AMC is down. 35% Tom and Paul. Karin. Thanks so much huge news for right now. I'm gonna give you some game Stop along the way. 300 from 503 100 was some kind of bid formed here. We'll see how it goes. Also in Germany, Commerce Bank Finally throws in the towel. There's been a rationalization of Commerce Bank for 456 years are Matthew Miller has been great on that idea, And they just say no is done. Restructuring expenses approaching €2 billion Our next guest is the rarest of rare things. There are reporters in this that the other thing the way Paul Sweeney follows Duke basketball. And then there are reporters that define in industry. Mark Gurman defines tech and he particularly defines Apple and has brought the industry not once. Not twice but three times in the last month to a complete standstill. Paul bring in our good guest on Apple. Hey, Mark. We had some sense, I think, but some phenomenal numbers out of Apple Computer last night beat on the top line. Beat on earnings. Mark Harmon Bloomberg News Tech reporter. What did you take away from the earnings report? And what you heard from management last night? Yes, Tom. Thank you. For the kind words. Terry kind. Paul. Good to talk to you as well. The numbers were absolutely home run. I was shocked. It's 111.4 billion. No time record early quarter hold early revenue analysts were expecting around 103 104 billion, So not only did they cross that the thing you know they smashed right through that $100 billion barrier. But the stock actually fell in. I know it's it's down in early trading this well, too, because of the lack of optimism and more of the cautious, you know, Outlook. Apple has that the current quarter cute, too. They said there would be a deceleration or, in other words, that decline in sales of things like air pods and services in the current quarter, But overall the previous quarter pretty good, But you know, investors only care about what's happening now and in the future. So they don't seem necessarily care about that anymore. They moved on to the next thing. So you know, I know it's they did not provide guidance, which disappointed some investors talk to us about the You know the iPhone. Is it a super cycle is this five g phone? Quote unquote. A supercycle is some animals like Dan Ives and what Bush securities have suggested for a while. You know, the super sickle term, I think is really interesting. Because you know a supercycle sounds like something that only happens every 10 years. But you have something with this iPhone that happens, You know, maybe every three or four years every three years now. They do this big redesign. There's always a big, you know, fundamental change. And, of course, the iPhone. 12 is one of those. You know, everyone has a different definition of the super cycle. But waiting, Tim Cook put it. He's like You know, we've had the most up graders we've ever had in the previous quarter. So that's not a supercycle. I don't know. It is more commonly to your reporting, which is stop the industry in the last 30 days and folks I mean, Gurman publishes in like 482 people a lot of bar in Silicon Valley. Just stop what they're doing and figure out the next step mark of Max and all that stuff is a small part of the apple story. May I suggest that there's a massive misjudgment of what the upgrade that's coming could look like you've reported on this. But if they throw the chip in if they make 10 core or 18 core, fancy fancy computers out there Doesn't everyone in the known world have toe upgrade just to keep this shell game going. Completely here with you, Tom. We have hit new territory for the Mac. We've hit a point in the Max, You know, Lifeline that we haven't seen in 10 years worth the point where you're gonna see prices dropping performance. Skyrocketing new features being added a new designs being added, they have not able to be have done before, and I think we saw picket that given these work from home sales. You know, at some point, hopefully soon the pandemic. We're going to be past that, But I don't think Mills group that Apple is seen from the Mac is going to stop because the pandemic we're the point where the pandemic is going to end and Apple's gonna enter new territory for the back. You're not gonna see that drop off. I think that sometimes we're expecting from the spice we've seen from the pandemic for the Mac. And then here's new designs were going to be incredible. Yeah, I mean, we really talked to somebody like you who actually wakes up honest. We usually talk those evil people on the sell side marked German is the sell side. Long a short Super Bowls, super bears Whatever Have they priced in the observation? You just stated about the mother of all upgrade cycles for a small part of the Mac revenue, the Apple revenue Stream..