Anurag Rana: latest market views

Summary

Anurag Rana is a senior technology analyst at Bloomberg Intelligence covering software and IT services, and host of the Tech Disruptors podcast; he previously covered IT services at KeyBanc Capital Markets.

Chorus has 5 views from Anurag Rana across 2 episodes on Bloomberg Surveillance and Bloomberg Talks since October 29, 2026. Their latest calls: bullish on Apple and Amazon.com.

Where they stand

Their latest bullish or bearish call on each company.

• AppleBullish · November 2, 2026
• Amazon.comBullish · October 29, 2026

What they talk about most

• Apple · 3
• AI infrastructure & data centers · 1
• Amazon.com · 1

The latest views

Newest first. Every quote is checked against the episode's transcript.

• AppleBullish

  iPhone Duo demand is very strong, and he expects about 15 million units this year.

  Analysts had started the year expecting about 10 to 12 million units. Rana's own checks with people he has talked to show extremely strong reception, which he thinks partly reflects pent-up upgrade demand from Apple's lease cycle. On that basis he expects about 15 million units this year. He notes that supplying that volume in a short window is hard, and that the screen issues could affect fulfilment.

  “the reception that I have seen even with the folks that I have talked to has been extremely strong... we think they're gonna be about 15,000,000 units this year.”at 4:59

  Bloomberg Surveillance: Earnings Special: Apple's Forecast Disappoints, Despite Topping Estimates · November 2, 2026

• AppleUncertain

  Services growth has slowed for two quarters; guidance near 10% is fair, but further deceleration would be bad.

  Apple's services business used to have very predictable guidance, but its growth has slowed for the past two quarters. Services revenue came in near expectations at about 10%. Rana says guidance around 10% for the coming quarter would be fair, but if management guides to a further slowdown, that would be a negative. He argues guidance matters more this quarter than in prior ones.

  “I think it has been slowing down for the past two quarters. And if they give a guidance right around 10%, I think that's fair... The growth rate is gonna go down even more for the services business, That's not good.”at 5:56

  Bloomberg Surveillance: Earnings Special: Apple's Forecast Disappoints, Despite Topping Estimates · November 2, 2026

• AppleBullish

  Greater China remains Apple's most important growth driver over three years, despite tougher comparisons ahead.

  Greater China revenue grew about 28% and 22% in the last two quarters, a large base that makes China the biggest geography for unit sales. The US is saturated for unit growth, and Apple still has a good but improvable China market share, so China can add more share. India matters but is a longer-term story because its per-capita income is much lower. After this quarter, year-over-year China comparisons get very tough, which is a near-term caveat, but China is still the key growth driver over the next three years.

  “over the next ten years, yes. But in the [next] three years, I think China remains the most important growth driver.”at 8:41

  Bloomberg Surveillance: Earnings Special: Apple's Forecast Disappoints, Despite Topping Estimates · November 2, 2026

• Amazon.comBullish

  AWS growth above 40% into 2027-28 is strong; the stock sell-off is overdone.

  AWS sales grew 39%, roughly in line with estimates, and investors seem disappointed it did not beat by a bigger margin. Management expects AWS growth above 40% in 2027 and 2028, which he sees as very strong given the point in the cycle. AWS has operating margins close to 39%, a very good business. Its roughly $180 billion run rate growing 40% a year is commendable. Heavy spending and the current cash-flow drain are early in the cycle; as Amazon gains market share it will sell additional services such as application modernization, and the backlog on its balance sheet supports the investment.

  “They're expecting AWS sales to be above 40% into '27 and '28. I think that's also very, very strong numbers given where we are in the cycle.”at 9:15

  Bloomberg Talks: Earnings Special: Intel Plunges on PC Sales Slump & Amazon Slips · October 29, 2026

• AI infrastructure & data centers

  Data center buildout faces rising political opposition and funding costs that could delay growth.

  Two things have changed in the last six months. Interest rates have risen sharply, which affects companies' ability to fund expansion plans. The political climate has also turned against data center buildouts. The key risk is delivery: if data centers are delayed, cash flow stays negative and the projected growth fails to materialize for reasons outside companies' control. Microsoft already cited a delay at a third-party data center partner, which he sees as an early warning sign. A widespread repeat of such delays could follow because the political climate is very negative toward new data centers.

  “The second is a changing political climate, which is seeing some opposition to data center buildup. ... We saw Microsoft talk yesterday about there was a delay in data centers from one of their third parties.”at 11:42

  Bloomberg Talks: Earnings Special: Intel Plunges on PC Sales Slump & Amazon Slips · October 29, 2026

Shows

• Bloomberg Surveillance · 1 episode
• Bloomberg Talks · 1 episode