We're in the early stages of a multi year Mac super cycle. This morning, $Apple(AAPL.US) announced some Mac updates, inc…
We're in the early stages of a multi year Mac super cycle.
This morning, $Apple(AAPL.US) announced some Mac updates, including 14-inch MacBook Pro and iMac models (M6 chips). Still waiting on the first touchscreen Mac announcement later this morning.Pricing is unchanged today. Keep in mind that late in June they raised the price of the MacBook by 18% and the iMac by 16%.My take: There is upside to the Mac over the next two years. Mac has gone from 8.6% of revenue in June 2025 to 9.5% in June 2026. Last quarter it grew 29%. The Street is expecting 12% y/y in Sep ’26, going to 6% growth in FY27 and FY28.Most important: I believe we are in the early stages of a multi-year AI-powered hardware upgrade cycle. Consumers and businesses will need to buy new hardware, even at higher prices, to fully leverage AI. That’s good for Mac growth. I expect FY27 Mac to grow above 10% (Street at 6%) and FY28 above 10% (Street at 6%).Source: Gene Munster
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