Olivier Blanchard breaks down Apple’s (AAPL) earnings setup as the company approaches a leadership transition and refocuses on hardware innovation. He argues Apple’s measured, late‑mover approach to AI helps it avoid costly capex pitfalls facing other big tech firms, while preserving flexibility through partnerships. Blanchard also highlights the growth of services, the iPhone 17 cycle, and Apple’s push into more affordable Macs as key drivers of long‑term value.