John Simpson and his producer Tom Giles were traveling with a Kurdish unit and some American special forces in the north of Iraq.

We are advancing.

We've gone well over the ridge.

We're in a big convoy of serious-looking general types.

There's air support firing around over our heads.

It all looks quite promising.

I jumped out of the car.

This is just one of those things that happens in war, I suppose.

Yeah.

One thing that, um, reading research this morning, including from Rosenblatt, my friends at Rosenblatt, we're talking about how now we have even greater visibility.

He talked about how we have visibility into 2028, much further out than just three months ago.

He said, "I didn't have that visibility.

I have it now," and he's still sending bullish signs.

So I think in the longer term the market is gonna be encouraged by that kind of visibility further and further out.

It's changed

... we've seen them capturing people's imagination whe- whether it's through Mythos, their, their cybersecurity tool that everybody wants to get their hands on, that everybody is afraid of, but also wants to learn how to use and learn from, right? They have, uh, they got out ahead of OpenAI with the confidential filing, and they have been sho- sending the message to the world that we have captured the business market in a way that OpenAI hasn't.

[laughs]

... never quite came together.

The Vision Pro, as you pointed out, has not taken off, um, and that's one that, that, that it will not go down in the annals of, of, of his great success stories, but so many other things did take off, like the Watch, like the AirPods.

My own personal view on the AirPods, I remember the early versions.

They looked like earrings.

They weren't my cup of tea, but now I'm completely hooked on them, left the cords completely behind.

That's just one small personal example of the ways that, you know, the expansion and the ways that Tim Cook introduced products that won over even the skeptics like me.

I think making hundreds of millions of them and competing with Apple, I think it's much more difficult to do that than it is for Apple to learn how to add AI to its devices.

The timing.

Well, it wasn't clear that it was going to happen this quickly.

When we last wrote on this, as you mentioned in the big take, there was a sentiment that Tim Cook has been rather coy about this.

How quickly is it going to happen? We knew that Ternus was the heir apparent.

We just didn't know how quickly it was going to happen.

But look, um tim cook has turned 60 65 he has had a great run in many respects at apple yes we've talked a lot about the the fact that they are not as far along in the use um of ai as they would like to be as they should be frankly given who they are um that said he is the person he took the baton um from steve jobs he was remains operationally supply chain wise a genius in terms of making sure that apple has the components that it needs at the exact moment that it needs them um he is the one who has been really the for many years behind the scenes before coming to the uh to the forefront um of really enabling Apple to be as successful as it has been.

If you don't have the supply chain down, it's really hard to create those devices with the margins that they have.

Apple-shaped cutout

The timing.

Well, it wasn't clear that it was going to happen this quickly.

When we last wrote on this, as you mentioned in the big take, there was a sentiment that Tim Cook has been rather coy about this.

How quickly is it going to happen? We knew that Ternus was the heir apparent.

We just didn't know how quickly it was going to happen.

But look, um tim cook has turned 60 65 he has had a great run in many respects at apple yes we've talked a lot about the the fact that they are not as far along in the use um of ai as they would like to be as they should be frankly given who they are um that said he is the person he took the baton um from Steve Jobs he was remains operationally supply chain wise a genius in terms of making sure that Apple has the components that it needs at the exact moment that it needs them he is the one who has been really the for many years behind the scenes before coming to the to the forefront of really enabling Apple to be as successful as it has been.

If you don't have the supply chain down, it's really hard to create those devices with the margins that they have.

Apple-shaped cutout

[laughs]

W-well, it wasn't clear that it was gonna happen this quickly.

When we last wrote on this, as you mentioned in the big take, um, there was a sen-- uh, Tim Cook has been f-rather coy about this.

Um, how quickly is it going to happen? Um, we, we knew that Ternus was the heir apparent, um, we just didn't know how quickly it w-it was going to happen.

But look, um, Tim Cook has turned sixty, sixty-five.

He has had a great run in many respects at Apple.

Yes, we've talked a lot about the, the fact that they are not as far along in the use, um, of AI as they would like to be, as they should be, frankly, given who they are.

Okay.

[chuckles]

Well, it wasn't clear that it was gonna happen this quickly.

When we last wrote on this, as you mentioned in the big take, um, there was a sense...

You know, um, Tim Cook has been f-rather coy about this, um, how quickly is it going to happen.

Um, we, we knew that Ternus was the heir apparent, um, we just didn't know how quickly it w-it was going to happen.

But look, um, Tim Cook has turned sixty, sixty-five.

He has had a great run in many respects at Apple.

Okay.

[chuckles]

Well, it wasn't clear that it was gonna happen this quickly.

When we last wrote on this, as you mentioned in the big take, um, there was a sense...

You know, um, Tim Cook has been f-rather coy about this, um, how quickly is it going to happen.

Um, we, we knew that Ternus was the heir apparent, um, we just didn't know how quickly it w-it was going to happen.

But look, um, Tim Cook has turned sixty, sixty-five.

He has had a great run in many respects at Apple.

Okay.

Why do you think that we got this ruling today?

I mean, this is a huge sigh of relief, right? This is, as Mandeep said, they avoided the most harsh penalty here, which would have been selling Chrome, which Google has woven into its products and is really an integral part.

of their value proposition to many customers.

So major sigh of relief there.

They're really allowed to continue to do a lot of the things that they have been doing.

They're going to have to change certain terms.

But something else that they will continue to be allowed to do is is paying for browser placement.

Is there anything, Tom, that we have to be worried, though, about the EU and their view on this?

Mm-hmm.

Um, they can still make these big cash payments that give their browser, you know, a special, uh, placement on an, uh, on a smartphone, for example.

Um, they just need to change the...

Can't have the kinds of exclusivity that they have used in the past.

That's really what it came down to.

And as you know, we're still parsing the decision.

So let me be clear about that.

(laughs)

Yeah.

Tax breaks all over the place.

You know, the city of San Francisco just down the street incentivized Twitter to locate its headquarters right in central San Francisco.

And they have lots of incentives.

Think about the corporate tax cuts that we've seen in recent administrations.

Those are all ways that that the government is sort of.

giving financial incentives to these companies and incentivizing them to make investments in the city in a state in a county for example.

Tom, is that what Intel needs? Confidence capital? Is that what's going to be the turnaround key for this company that's been kind of struggling for a while?

Yeah.

tax breaks all over the place.

You know, the city of San Francisco just down the street incentivized Twitter to locate its headquarters right in central San Francisco.

And they have lots of incentives.

Think about the corporate tax cuts that we've seen in recent administrations.

Those are all ways that the government is sort of giving financial incentives to these companies and incentivizing them to make investments in the city in a state in a county for example.

There's a difference between that.

Tom, is that what Intel needs? Confidence capital? Is that what's going to be the turnaround key for this company that's been kind of struggling for a while?

Hence, hence the, hence the quotes.

... that I, that I studied, um, certainly in, in macro and, uh, you know, all the, all the ma- all the economics courses, all the finance courses that I've taken, um, don't really, this doesn't look like the capitalism that, um, we learned about growing up.

Um, what, what this is, is...

And there's a difference between a bailout per se, and a, a government taking a financial stake.

This is about an ongoing relationship.

And again, in the short term, I see why the stock popped, right? It's seen as like, "Hey, Intel could use, could get help wherever, you know, wherever it can." Longer term, do you really want the government to, are the government's interests aligned with those of shareholders?

Yes.

You know, San- the city of San Francisco just down the street incentivized Twitter to locate its headquarters right in, in, in Central San Francisco, uh, and, and they had lots of incentives.

Yeah.

tax breaks all over the place.

You know, the city of San Francisco just down the street incentivized Twitter to locate its headquarters right in central San Francisco.

And they have lots of incentives.

Think about the corporate tax cuts that we've seen in recent administrations.

Those are all ways that the government is sort of giving financial incentives to these companies and incentivizing them to make investments in the city in a state in a county for example.

There's a difference between that.

Tom, is that what Intel needs? Confidence capital? Is that what's going to be the turnaround key for this company that's been kind of struggling for a while?

How and why?

Right now is an incredibly exciting time in consumer electronics.

As you mentioned, AI is changing everything.

It's getting woven into every gadget we use, every robot that's infiltrating our homes and our warehouses, our cars.

The list goes on and on, and it's changing things in a very dramatic way.

Right now, I think the time is right to double down on our consumer electronics coverage.

We've always cared about the business of CE.

A place that we're going to show our best work.