Apple

10-Q for Q1 FY2025. Products: $98.0B, Services: $26.3B. iPhone $69.1B (flat YoY), Mac $9.0B (+16%), iPad $8.1B (+15%), Services $26.3B (+14%). Apple Intelligence launched Oct 28, 2024 (iOS 18.1). iPhone 16/16 Pro designed for Apple Intelligence (A18/A18 Pro). MATH: iPhone flat YoY suggests no meaningful ASP uplift from AI. Mac/iPad growth partly from M4 chips. Services growth from advertising, App Store, cloud -- no AI-specific tier. Ring 1 features (Writing Tools, Image Playground, Genmoji, ChatGPT integration, enhanced Siri, Visual Intelligence) are bundled free. Conservative 1% attribution as AI purchase accelerator. $124.3B x 1% = $1.24B.