iPhone. Apple’s wearables business (Apple Watch, AirPods, and Beats) alone generated over $20 billion in revenue in 2019, making it bigger than McDonald’s.4 If spun, which it should be (if we had an FTC or DOJ), the business would likely be one of the 20 most valuable firms in the world. But as smart as Cook is, and as good at designing glass rectangles as Jony Ive was (talk about leveraging a core competency), if you think that’s how Apple will sell $20 billion worth of watches and headphones this year, you’re not paying attention. It’s the flywheel. Rolex makes a beautiful watch, but I don’t
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