I think things would look much the same for Apple. I think they will sit on the sidelines and watch everything burn. I could see them doing some choice acquisitions as things begin to collapse, but I could also see them do nothing.

I think Apple is in a very weird place at the moment. The Vision Pro was a dud, but it was also the most interesting and future-forward thing I've seen anyone put out in a while. If they were smart, they'd tread water and sink as much money into making that as small as humanely possible – no matter how long it takes – because the entire AI bubble is a result of everybody running out of hypergrowth ideas, mostly because we're flat out of new interfaces.

I want to be clear that what they want to do with the Vision Pro requires it to basically be weightless and invisible and never need adjustments. When it works, it's genuinely awesome. But that's a load-bearing when. One slight movement means the whole thing goes out of focus. I can't even use mine anymore because it needs an update that requires you to wear the thing the whole time. So much promise, released too early, shoved out the door by a CEO on his way out.