2min chapter

Animal Spirits Podcast cover image

Are Stocks Cheap? (EP.312)

Animal Spirits Podcast

CHAPTER

The Bearish View on AI

Apple generated nearly $915 billion in operating cash flow from 2007 through 2022. Apple is the best example of the ecosystem effect, because its platform is both closed and tightly managed. The company books 40% margins on its hardware, as well as 90% margins on all eligible transactions that happens on its device.

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