> You can launch your own chip (M1), and improve quality (battery, perf), and improve profits, and get back at intel. It's less about "getting back at intel" a

> You can launch your own chip (M1), and improve quality (battery, perf), and improve profits, and get back at intel. It's less about "getting back at intel" and more about having so much money that they need somewhere to invest it or increase the dividend and send that profit to the shareholders. The past decade, investors have constantly demanded Apple to turn over more/all of their cash to shareholders. A defense against activist investors is to show shareholders you are investing for the future. Bringing more production in-house is a great way to do it since it would eliminate future expenditures and increase profits in the future. Of course it all depends on execution. If Apple keeps minting money and their in-house hardware stack proves a success, I wouldn't be surprised if they start creating an in-house app stack.