BREAKING NEWS

🍎 Apple Is Spending More on R&D Than Ever. So Where Are the New Products?

For the first time in 30 years, $AAPL is spending more than 10 cents of every dollar it earns on research and development. That came in at $11.42 billion in a single quarter. The headline sounds exciting. The honest question is: what are they actually building?

Bloomberg reports Apple is working on smart glasses, an AI pendant, and AirPods with cameras. Tim Cook refused to answer a single specific question about it on the earnings call. Classic Apple. The last genuinely world-changing product they shipped was the iPhone in 2007. Since then: slightly better iPhones, a watch, some earbuds, and a $3,500 headset that nobody bought.

📈 The Bull Case:

• The last time Apple spent this aggressively on R&D was before the iPod. That worked out fine.

• Services revenue just hit an all-time high and iPhone revenue set a March-quarter record. The existing business is a cash machine regardless of what comes next.

• Two billion people are locked into the Apple ecosystem. Whatever they build next already has a customer base bigger than most countries.

📉 The Bear Case:

• Siri is still embarrassingly behind Google and ChatGPT and it has become the most visible symbol of Apple's AI problem. Spending more money does not guarantee catching up.

• Apple has spent over $113 billion on R&D in the last five years and produced a cancelled car, routine iPhone upgrades, and a VR headset nobody wanted. History here is not encouraging

• The stock is expensive. You are paying a premium for innovation that has not arrived yet.

The Munch Take: We do not like this stock at current prices and we have not liked it for a while. It is a brilliant business with a decade-long innovation drought dressed up as a growth stock. Spending 10% of revenue on R&D sounds like a turning point until you remember they said the same thing about the Vision Pro. One commenter online put it best: they are going to spend $35 billion and release a new charger that does not work with old phones. They’re probably not far off.

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STOCK OF THE DAY

💾 SanDisk Is Up 5,000% in 390 Days. Let That Sink In.

If you had put $25,000 into $SNDK 390 days ago, you would have $1.275 million today. If you did not, welcome to the club. It is a large club.

Here is what happened. AI data centers need massive amounts of memory to store and process information. There is not nearly enough memory to go around. SanDisk was spun off as its own company in 2025 and immediately became the best way to bet on that shortage. When something is in short supply and everyone needs it, the price goes up. The price of NAND flash memory, which is what SanDisk makes, rose 60% in just the first three months of 2026.

Here is why people are still buying it:

• 🤖 AI is not slowing down. Every data center being built right now needs more storage than the last one. SanDisk has already locked in $42 billion in long-term contracts with major customers. The revenue is not a guess. It is already booked.

• 📈 Last quarter SanDisk told investors to expect $8 billion in revenue. Wall Street was expecting $6.49 billion. That is not a small beat. That is a completely different ballpark.

• 🏦 The memory shortage is expected to last until 2028. Two more years of tight supply means two more years of high prices and fat profits.

Now the part nobody wants to hear. The memory business is famously up and down. The shortage of today can become a massive oversupply tomorrow the moment factories start making more chips. A stock up 5,000% does not need much bad news to come back down hard.

The Munch Take: The business is real. The contracts are real. The AI demand is real. But 5,000% in 390 days is not normal and it is never normal. Every time someone says a memory boom is permanent, a supply glut shows up and ruins the party. Maybe this time is different. But it’s usually not. My wife asked me why I didn’t buy the stock. I told her I was being disciplined. She did not find that as comforting as I intended it to be.

🍪 Munchy Memes

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