Speaker · Updated
Mark Gurman: latest market views
Bloomberg
Summary
Mark Gurman is Bloomberg's managing editor for Global Consumer Technology and chief correspondent on Apple, known for accurate Apple product scoops, his weekly Power On newsletter, and the Power On podcast he launched in September 2026.
Chorus has 14 views from Mark Gurman across 2 episodes on Bloomberg Surveillance and Bloomberg Talks since November 2, 2026. Their latest calls: bullish on Apple.
Where they stand
Their latest bullish or bearish call on each company.
- AppleBullish ·
What they talk about most
The latest views
Newest first. Every quote is checked against the episode's transcript.
AppleBullish
Apple's quarter is phenomenal despite few launches; the iPhone 18 Pro drove the beat, though guidance will be less so.
Apple had no regular iPhone 18 launch, and the iPhone 18 Pro was the smallest year-over-year upgrade in a long time. Its major fall products did not ship until the holiday quarter, yet Apple still beat. Gurman attributes the beat to the iPhone 18 Pro, continued demand for the iPhone 17 Pro and Pro Max, and carrier deals. He expects the December-quarter guidance to be less impressive, because it depends on how the Duo performs.
“none of them launched until the holiday quarter. Yet they still beat and they beat because of the iPhone 18 Pro... So this is a phenomenal report for Apple.”at 10:28
Bloomberg Surveillance: Earnings Special: Apple's Forecast Disappoints, Despite Topping Estimates ·
AppleBullish
iPhone Duo supply shortages should shift sales into Apple's later quarters next year, giving positive numbers.
Duo supply is tight: pre-orders have been delayed until late January for many buyers and the phone is hard to find at retail. Apple books revenue only when the customer receives the device, so unfilled orders from the December quarter push revenue into later quarters. Gurman expects pent-up demand to give Apple strong numbers in the March, June and September quarters of next year. He argues this will not hurt Apple. It fits Apple's push under Ternus to spread revenue more evenly across the year.
“The good news for Apple could be that we're going to see a very strong [tailwind] because of the supply chain shortages, and give them positive numbers into q two, q three, q four of next year”at 12:06
Bloomberg Surveillance: Earnings Special: Apple's Forecast Disappoints, Despite Topping Estimates ·
AppleNeutral
The iPhone Duo screen-cracking problem was an early batch defect and has largely died down.
Reports of cracked screens came from the first units sold and have dramatically slowed. The cracks affect no consistent batch, colour, sales channel or factory. Gurman says the defect was real for a small percentage of buyers, and that the issue was early and isolated, not systemic.
“We've seen a dramatic slowdown in people reporting the cracks... it is completely died down, tells which me this was an early batch defect.”at 13:06
Bloomberg Surveillance: Earnings Special: Apple's Forecast Disappoints, Despite Topping Estimates ·
AppleBearish
Apple has no evidence it will turn its cash pile into a strong AI strategy; it has nothing close to ChatGPT.
Gurman says Apple's free cash flow is an optimistic talking point, but he has seen no sign that Apple can use that cash to build a strong AI strategy. He uses ChatGPT every day as an all-day assistant that works like a human, and says Apple has nothing close. Siri AI is good for about 90% of simple questions and tasks, using Google's Gemini model, and its core product finally works. But it is not a real-world assistant, and Apple still has to build something on that foundation.
“we've seen zero evidence from Apple that they're going to be able to successfully take advantage of that cash holding and trade that in for a strong AI strategy... Apple has nothing close.”at 15:37
Bloomberg Surveillance: Earnings Special: Apple's Forecast Disappoints, Despite Topping Estimates ·
AppleBearish
Apple's services revenue will fall as AI assistants displace Google search, which feeds its Safari revenue share.
Google searches are declining because of AI. A large part of Apple's services revenue is a revenue share from Google search done in Safari. As people move to Gemini, ChatGPT, Claude or Siri AI for tasks they used to do in a search engine, that services revenue will fall. Apple needs to monetise AI search on its own platforms to make up the loss, and it has not yet done so.
“a big chunk of the revenue Apple gets from services is a revenue share from Google search done in Safari... as people move towards the [ChatGPT] app or the Cloud app... that services revenue is going to come down.”at 17:01
Bloomberg Surveillance: Earnings Special: Apple's Forecast Disappoints, Despite Topping Estimates ·
AppleBullish
Next year will be extremely strong for Apple's AI wearables, including smart glasses and camera AirPods.
Apple excels at AI hardware, and its pipeline for next year includes smart glasses and AirPods with cameras, which had been delayed. Gurman calls the pipeline chock-full, including a touchscreen MacBook Pro and a HomePod with a display. He is less certain about the 2028 to 2030 period, which he says will depend on robotics, AR glasses and autonomy.
“next year is gonna be an extremely strong year in terms of AI wearables. So where they're excelling is AI hardware. Smart glasses are gonna be there. The AirPods with cameras, those have often have been off delayed.”at 18:21
Bloomberg Surveillance: Earnings Special: Apple's Forecast Disappoints, Despite Topping Estimates ·
AppleNeutral
The midterm outcome will not materially change Apple, since tariffs stay the key issue whoever wins.
The main political issue for Apple has been tariffs, which were pushed by Republicans in power. Gurman expects tariffs to persist regardless of which party wins the midterms. He does not expect anything dramatic from either side, so he sees no real impact on Apple.
“I think there's going to be no impact... You know, the big political thing when it came to Apple... has been tariffs. No matter who wins, I don't see that changing.”at 19:23
Bloomberg Surveillance: Earnings Special: Apple's Forecast Disappoints, Despite Topping Estimates ·
AppleBearish
Apple's December-quarter guidance will be weaker than the beat, due to uncertain iPhone Duo supply and China and services softness.
Apple beat on the fall quarter even without most major fall launches, driven by the iPhone 18 Pro and continued demand for the iPhone 17 Pro line and carrier deals. The guidance for the December quarter is the weak point. Gurman says it depends on how the iPhone Duo performs, and Duo supply is hard to read: pre-orders aren't shipping until late January for many buyers and retail stock is near zero. He also flags Greater China and services as either a sharp fall or a strong deceleration.
“So this is a phenomenal report for Apple. The big news which I think will be less phenomenal is the guidance for the December quarter.”at 3:48
Bloomberg Talks: Bloomberg's Mark Gurman Talks Apple Earnings ·
AppleBullish
Constrained iPhone Duo supply will push Apple's revenue up into mid-to-late next year as pent-up demand converts.
The Duo is very hard to get because of supply chain shortages, and buyers are being shut out of online and retail orders. Gurman expects that shortage to produce a strong quarter and positive reported numbers in fiscal Q2, Q3 and Q4 of next year, because Apple does not book revenue until the customer receives the phone. He thinks the pent-up demand will not hurt Apple. He also says availability should normalize around February or March.
“The good news for Apple could be that we're going to see a very strong [tailwind] because of the supply chain shortages, and give them positive numbers into q two, q three, q four of next year.”at 5:10
Bloomberg Talks: Bloomberg's Mark Gurman Talks Apple Earnings ·
AppleUncertain
Apple under Ternus is running leaner with more layoffs and cost cuts, and more are expected.
Gurman reports that CEO John Ternus wants Apple to run faster and leaner. He cites many layoffs, some quiet and some less quiet, and cost cutting that he expects to continue. He says the guidance will show whether these cuts are about revenue expectations. The view is mainly a report of reorganization and cost-cutting, with its margin effect left open.
“I have reported though, he wants the company to run faster, wants it to run leaner, there have been a lot of under the radar layoffs and less under the radar layoffs at Apple. There's been cost cutting and I expect more cost cutting to happen”at 7:31
Bloomberg Talks: Bloomberg's Mark Gurman Talks Apple Earnings ·
AppleBearish
Apple has no strong AI strategy yet, and its cash pile has not produced any evidence of one.
Gurman says Apple has seen no evidence it can turn its large cash holdings into a strong AI strategy. He compares it with ChatGPT, which he calls a game changer that acts like an all-day assistant, and says Apple has 'nothing close.' He is more positive about Siri AI, which he calls fantastic for about 90% of use cases and built on Google's Gemini model, but says it does not match a real-world assistant. The foundation works, but Apple still has to build something useful on top of it.
“No. I think you're looking at the most optimistic view here, but at the same time, we've seen zero evidence from Apple that they're going to be able to successfully take advantage of that cash holding”at 8:41
Bloomberg Talks: Bloomberg's Mark Gurman Talks Apple Earnings ·
AppleBearish
Apple's services revenue will shrink as AI search pulls queries from Google, unless Apple monetizes AI search itself.
Services growth is slowing, and Gurman traces part of that to AI. Google searches are down because of AI. A large part of Apple's services revenue is the revenue share from Google search in Safari. As users move to the Gemini app, ChatGPT, Claude, Muse, or Siri AI to get things done that they used to do in a search engine, that revenue falls. Apple has to find a way to make up the loss by monetizing AI search on its own platforms.
“Well, the question is why and one of the answers is because Google searches are down because of AI and a big chunk of the revenue Apple gets from services is a revenue share from Google search done in Safari.”at 10:05
Bloomberg Talks: Bloomberg's Mark Gurman Talks Apple Earnings ·
AppleBullish
Apple's AI wearables, including smart glasses and camera AirPods, will make next year an extremely strong year.
Gurman says Apple is excelling in AI hardware and names smart glasses and AirPods with cameras as products coming next year. He notes that the AirPods with cameras have been delayed before, but says they are coming. He also sees a full pipeline of new products, including the touchscreen MacBook Pro and HomePod-type home devices. Beyond that, he questions whether Apple will make another push into robotics, AR glasses or autonomy in 2028 and later.
“Well, next year is gonna be an extremely strong year in terms of AI wearables, so where they're excelling is AI hardware.”at 11:24
Bloomberg Talks: Bloomberg's Mark Gurman Talks Apple Earnings ·
AppleNeutral
The midterm election outcome will not change Apple's situation, since tariffs will persist regardless of which party wins.
Gurman says the midterms will have no real impact on Apple. He identifies tariffs as the main political issue for Apple, which came up under the Republicans in charge, and says he doesn't see that changing whichever party wins. He does not give a mechanism beyond that.
“I think there's going to be no impact. You know, the big political thing when it came to Apple, you know, with the Republicans in charge has been tariffs. No matter who wins, I don't see that changing.”at 12:27
Bloomberg Talks: Bloomberg's Mark Gurman Talks Apple Earnings ·
Shows
- Bloomberg Surveillance · 1 episode
- Bloomberg Talks · 1 episode
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