Latest Research
Loup TV 128: Microsoft Takes Content to New Level

Loup TV 128: Microsoft Takes Content to New Level

Takeaways:

  • Microsoft announces its largest acquisition yet: Activision for $68.7B ($95/share) — in an all cash deal.
  • The sheer size of this transaction underscores the adage that content is king is stronger than ever. Given the significance of gaming in the metaverse, we see this as the most significant metaverse-based news since Facebook’s name change. Getting the deal done won’t be easy as lawmakers will likely take offense given Microsoft’s most recent aggressive step into gaming.
  • In the end, we believe Microsoft prevails and gets the deal done. That said, don’t hold your breath — this will likely take 6 months to sort itself out.

Disclaimer

Gaming, Microsoft
1 min. read Show less
Loup TV 127: Crypto.com Hack; Apple App Store Headaches; Deciphering Tech Price Increases

Loup TV 127: Crypto.com Hack; Apple App Store Headaches; Deciphering Tech Price Increases

Gene and Doug discuss Crypto.com’s $15M hack, Apple’s long-term take rate and recent tech price increases.

Takeaways:

  • Even though Crypto.com got hacked, there’s still a lot of value in a centralized exchange.
  • Apple’s App Store is in the news again. This time, with a Dutch ruling forcing dating apps to accept third-party payments later in this month. Big picture: it’s a function of time before app take rates decline. The question is more about… when, and by how much?
  • Netflix and Peloton raise their price in the past week. It’s likely a positive read for Netflix, and an admission by Peloton that a $1500 bike is not for everyone.

Disclaimer

Apple, Blockchain, Contrarian Mindset, Cryptocurrency, Loup TV, Netflix
1 min. read Show less
Loup TV 126: Apple’s Headset Delay Is Only a Bump in the Road

Loup TV 126: Apple’s Headset Delay Is Only a Bump in the Road

Gene, Andrew and Doug discuss Bloomberg reporting that Apple’s MR headset debut will be shifted from June to later in 2022.

Takeaways:

  • It looks like we’re going to be wrong on our recent prediction that Apple will show its MR headset at WWDC given development delays.
  • If they miss the WWDC 2022 window, it makes most sense for Apple to hold off on debuting the device until WWDC 2023 given the importance of developer buy-in.
  • While the delay is a headwind to a near term catalyst for AAPL multiple expansion, it’s a function of time before investor excitement returns regrading the topic.
  • Long-term this does not change anything for Apple. Whether they show the product in 2022, 2023 or 2024 does not matter. Apple will eventually release a product that will build confidence with investors that Apple has a winning approach to AR and the metaverse.

Disclaimer

Apple, Augmented Reality, Loup TV, Themes, Virtual Reality, Wearables
1 min. read Show less