Apple

Summary * Big tech has entered a “Day 2” phase, prioritizing margin expansion, efficiency, and capital returns over growth-at-all-costs. * Rising antitrust pressure and overlapping expansions have intensified competition, forcing continuous innovation even at scale. * Companies are monetizing more aggressively by trading off user and employee welfare, leading to record EBITDA and flatter orgs. * AI is accelerating productivity and revenue across cloud and ads, enabling further cost-cutting