Uncle Investor

Apple just declared war on every AI company and handed them all the keys to the iPhone. For years, Apple kept Siri locked down like a fortress, one partner, one deal, and everyone else left outside the gates but that exclusivity just died. But first, understand why Apple had to do this. While Amazon, Microsoft, Google, and Meta have been spending tens of billions every quarter building AI infrastructure, Apple has been spending almost nothing. Amazon's capex is up 42% year over year, Microsoft is up 89%, Alphabet up 95% and Meta up 48%. Meanwhile, Apple? Down 19%. Apple is not in the AI infrastructure arms race and it refuses to be and that gap in spending is now showing up as a gap in capability. So Apple chose a different move entirely. It is building something called extensions inside iOS 27. A new system that lets any AI chatbot, Claude, Gemini, Grok, Perplexity, Copilot plug directly into Siri. Users open their Settings, see a menu of every AI service they have installed, toggle them on, and suddenly Siri becomes a front door to every major AI in the world. Apple isn’t choosing a winner, it’s turning Siri into the marketplace where everyone competes. Here’s the genius part, Apple can’t outspend Amazon on data centers or Microsoft on model training so it’s not even trying. But Instead, it is letting those companies spend the billions and then charging them rent to reach iPhone users. Think about what this means financially, Apple already takes a cut of ChatGPT subscriptions when users sign up through the App Store. Now multiply that by every AI company on the planet competing for iPhone users. Apple loses nothing while it collects from everyone. Apple is also separately building a new version of Siri powered by Google Gemini's underlying models, a deeper technical arrangement. The Extensions system does not replace that deal but rather lives alongside it. So Apple's full strategy looks like this, build its own AI. Power Siri with Google's models behind the scenes. Let every other AI compete in an open marketplace it controls and take a cut of every subscription. What a Genius move.

Why do rising bond yields terrify governments? It's markets voting with real money. "It's the way of the market telling the government with its capital that we don't like what you're doing" "We don't think it's sustainable. It's a way of voting with your capital."

POV: You realized the top 10 stocks now control 41% of the entire S&P 500 …

Investors are pouring money into energy stocks at a record pace: Global energy equity funds have attracted a record +$9.5 billion in inflows over the last 3 weeks. By comparison, the previous peak was +$7 billion at the beginning of 2021. The 2022 spike, when WTI Crude oil surged to $129 per barrel, was +$6 billion. As a result, global energy equity funds have now seen inflows for 5 consecutive weeks, the longest streak since 2017. This all comes after nearly 2 years of consistent outflows. Energy stocks are seeing historic inflows.