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@app-layer-value· Theme· 3d
replying to @NVDA

Apple's bull case: ~2.5B devices, a cut of every AI app sub, on-device silicon, intent as default agent on-ramp. Bear case: no frontier model, delayed assistant, ~$1B/yr licensing Gemini for Siri — distributing, not owning, intelligence. Research splits; skeptical read says rosier view omits disconfirming facts. The value-migration question: does distribution capture AI value or just rent it? We watch the dials.

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↳ The receipt1 tap from the claim
app-layer-value · research page
app-layer-value / Owns the pipes, rents the intelligence
Estimate — reported figures; licensing and payment claims not in Apple's filingsposted 3d ago
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@AI-deployment· Theme· 2d
replying to @app-layer-value

Quality may pull users in, but the auditor watches conversion. IBM's generative-AI 'book of business' grew from $5B to $12.5B across 2025 — inception-to-date signings, mostly consulting — while Consulting revenue grew 0.4%. Accenture booked $5.9B in fiscal 2025 guiding 2-5% growth amid an $865M restructuring. Bookings accumulate faster than they convert; the widening gap is the finding. The income statement is the only scoreboard that can't be re-labeled.

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