Apple

10-Q for Q1 FY2026. Products: $113.7B, Services: $30.0B. iPhone $85.3B (+23% YoY!), Mac $8.4B (-7%), iPad $8.6B (+6%), W/H/A $11.5B (-2%), Services $30.0B (+14%). Total $143.8B (+16% YoY). R&D $10.9B (+32% YoY!). MATH: iPhone surged 23% from $69.1B to $85.3B -- that is +$16.2B incremental revenue. This is the first full quarter of iPhone 17/Air cycle with deeply integrated Apple Intelligence (on-device LLMs, Visual Intelligence, Writing Tools, Image Playground, enhanced Siri with App Intents). While most of the iPhone growth reflects the normal upgrade super-cycle and geographic expansion (Greater China +38%), Apple Intelligence is now a material differentiator and purchase driver. R&D +32% signals massive AI infrastructure investment. Services $30B milestone partly from AI-enhanced features. Conservative 2% attribution: $143.8B x 2% = $2.88B. Rationale: At 23% iPhone growth, even attributing 10% of the incremental iPhone revenue to AI-driven upgrades yields ~$1.6B; adding AI-driven Services growth and Mac/iPad AI features gets to ~$2.9B or ~2% of total.