Gene Munster

The iPhone Air may be underperforming, but the 2021 upgrade pool is outperforming expectations. $AAPL https://t.co/gxeK9LfiK2

The new $META Display glasses have a long way to go given the use cases just aren’t there. https://t.co/q6ulLny46T

$NVDA reports in a week. There’s a question on my mind heading into the print: Will a more favorable outlook for CY26 further heighten investor concerns about AI over-investment? In the end, I remain bullish on NVDA shares. https://t.co/BwlJWTtPAO

$AAPL's core competency in hardware will prove valuable as AI wearables proliferate. @SquawkCNBC https://t.co/2chQ8U8a6w

$TSLA Investors Give Musk a Mandate: Go for It https://t.co/AXGfNsnBfx

It was a good day for Elon and $TSLA shareholders. https://t.co/Kpiw4oOSMi

That 75% support of Musk's pay package was the biggest take away from the shareholder meeting.

The question came up about regulatory approval and the Cybercab ramp. Musk says the ramp depends on approval. My take: Regulation will continue to be a headwind. The data clearly shows autonomous vehicles save lives. That said, regulators have known that for a long time and still move slowly.

Musk says we’re a few months away from supervised FSD being solved and that means it’s time to ramp up production. He aspires to increase production by 50% next year, exiting at an annualized rate of 2.7M cars, maybe hitting 4M by 2027 and 5M by 2028. My take: They’ll ramp up production, but the supply chain will limit how fast they can expand. $TSLA

Elon says Robo Van is "a couple years" away. My take: Makes sense and it will likely never move the needle.

Musk reminds us there are three new products starting production next year; Optimus, Cybercab, and Semi. My take: The key will be volume production, and thats 2027 for Cybercab and Semi and hard to say on Optimus.

Musk says they’re building their own chip for inference, reducing the need for $NVDA GPUs. It’ll be made in Taiwan and the U.S, maybe work with $INTC or they will build a "giantaic chip fab". My take: He’s talked about moving away from $NVDA before and it’s proven extremely hard to do. As for building a fab, I think they have better places to spend $20B.

Says starting production of Cybercab in April. I believe that's the first specifics on timing. Previously they talked about production starting in 2026. My take: That means its ramped by the end of 2026.

Now getting to FSD. Says in the next month or two will allow you to text and drive. My take: I bet we get it mid next year, still years ahead of competition. This would be a step forward for driver safety.

Let it sink in where Musk's head is at. His vision of the "new book" starts with Optimus. No mention of cars, FSD and robotaxi yet.

Starts with reminding us that he believe's Optimus will be the biggest product of all time. Says will ramp production starting in Fremont with 1m production line and later 10m in Austin. My take: Makes sense that he starts there because Optimus is the biggest lever for him to hit the $1T pay package.

Musk takes the stage and gets to work at getting investors pumped about what's next. Says this is the start of a new book of Tesla, not a new chapter.

Elon's pay package has been approved. $TSLA

So far not much to report from the shareholder meeting. The board reminding us of the company's long-term vision.

A datapoint in the AI monetization debate, look at consumer subscription pricing history. The top 10 apps over the past 20 years prove that once consumers get hooked, they pay up. https://t.co/2xlDnlxHWJ

It sounds like $AAPL will be paying Google around $1B per year for the use of Gemini in the new Siri (per Mark Gurman). Remember Apple gets paid $20B a year from Google for search placement. Meanwhile, Apple doesn’t pay OpenAI, and that relationship seems to fall into the “you get what you pay for” camp. If true, Apple scored the deal of the year. Google has reportedly invested over $100B in Gemini over the past eight years.

Tomorrow after the close, we find out about the Musk pay package. I think it will pass because shareholders win along with Elon. If I’m wrong and it gets voted down, $TSLA shareholders will slowly lose out. https://t.co/Pgp0wgbqBA

$NVDA's been on an investment and partnership tear. The pace underscores both Jensen’s conviction in the future of work along with the urgency that first-movers will deliver outsized returns. https://t.co/qjKdTYPydJ

Even though $NVDA reports in three weeks, they still take home the biggest winner prize from big tech earnings week.

Thinking more about the next six months, there's a lot riding on Siri. $AAPL https://t.co/V0BNlLMBNx

Below the headlines, the $AMZN investment story is about automation & AWS improving margins. https://t.co/GHmABlBavz

All signs point to a strong finish to the year for $AAPL. https://t.co/0lzONj7emY

Hope around the new Siri springs eternal. Look for $AAPL’s multiple to expand in anticipation of the rollout next year.

$APPL expects small increases in Capex for AI and the private cloud, but the hybrid model of first and third party capacity will continue to be their approach going forward. My take: Capex in 2025 will be about $12B, about $14B in 2026. Amazon, Microsoft, Google and Meta will all be over $100B next year.

Cook reminds investors that they are open to M&A. My take: For as long as I can remember, that's been more or less his response to the M&A question. $AAPL