1) Apple reported spectacular 15% revenue upside, equating to a $12B revenue beat. Strength came across the board. Under normal circumstances, shares of $AAPL would be up 10%+ reporting this kind of upside. The reason why it's only up 3% is the question about sustainability.

2) Prepare for deja vu regarding that concern, given it's been a bear case for the Apple story for the last 15 years. More importantly, we believe the company's sweet spot position around 5G, work/learn from anywhere, along with services, will continue the momentum through 2022.

3) Don't forget, mixed reality and something in automotive are coming in the years ahead. In our opinion, we continue to believe shares of $AAPL can reach $200 over the next couple years.