Apple - Investment Thesis

1. Ecosystem Lock-In

iPhone users are trapped:

• Photos, apps, iMessage, Apple Watch all work together
• Switching to Android means abandoning years of data and purchases
• This is pure switching cost moat

2. Brand Power

Apple commands premium pricing — iPhones cost 2-3x more than competitors, yet consumers choose Apple.

3. Services Revenue

The services business (App Store, Apple TV+, iCloud) has 90%+ margins and recurring revenue.

4. Capital Light

Unlike car companies or manu

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