To The Moon

$Apple(AAPL)$  Is $1,500 really too much for a phone? An iPhone is basically 10% phone and 90% supercomputer. You get a broadcast-quality 4K video camera, a 48-megapixel studio camera, a multi-track recording studio, and a photo editing lab. It gives you instant access to the sum total of human knowledge—medical journals, chemical structures, foreign languages, even high-resolution images of Pluto's icy mountains sent back from the New Horizons spacecraft 3 billion miles away. The hardware side alone includes a standalone GPS navigator, an atomic clock, a flashlight, a compass, a level, and a calculator with billions of times more computing power than the guidance computer that put Neil Armstrong on the moon.

Most people interact with an iPhone hundreds of times a day. It runs their businesses, navigates their travels, captures their children's milestones, manages their finances, and connects them to the world. Spread over a three-to-four-year lifespan, that works out to pennies per hour for a level of capability that the wealthiest pharaohs, emperors, and kings in history couldn't have bought with all the gold in the world.