So is there a thought for, we've talked about this before that Apple might introduce a lower price phone into India for just that reason. Is that something they're still considering or will they just wait for the market to kind of move up to where the Apple phone price point is?

I think it's going to be the latter. I've done a lot of analysis of how much share they can gain if they drop the SE price by $50, $100. And when I publish that stuff I think that year they actually raise the price by $50. So they don't believe in dropping prices. They are more on the margin story. So think of Apple more on the long term basis right now, not on the short term. I don't think they're going to, I would say swap margins for market share. They've never done that in their history, whether it was on the max side or on the phone side.

And quickly, Anurag, I look at the news, there's no more Apple car, there's a tepid reception to the Vision Pro. What actually drives the stock? What drives sales in the next 12 to 18 months?

Yeah, I think that's the most important question for Apple investors. And I think there's going to be an event in June, the World Wide Developers Conference, where they have pledged that they're going to show a lot of AI enhancements to the operating system. I think that really is the one wild card that can completely change the sentiment of the company, both in terms of sales and the gloomy investor sentiment, only because remember, Apple has a distribution network that stands next to nobody out there in terms of affluent people using their phones, more than one billion devices connected just on the smartphone. I think that really is the big driver. One of the things I was thinking about was, if you go back five years, seven years, there were apps such as TripAdvisors, NEL, where people used to go for their specialized functions for restaurant devices and tourism. But when you look at somebody like Google, a lot of that traffic has moved on to them because they control the distribution, I think Apple has the same ability, but they have to show up with some AI products, otherwise that's not going to flow.

All right, Anuragarana, thanks so much for joining us. As always, Anuragarana, senior technology

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