苹果推出新的 Mac 安全措施，其动因在于需要保护其高利润率的 App Store 业务模式，抵御绕过其交易手续费的 AI 智能体。
逐段跳播
在这个案例中，我必须特别指出的是Apple。Apple现在正在收紧对Mac设备的控制，声称这将保护用户免受人工智能软件的侵害。这是Apple一次又一次遵循的计划。他们说这是以安全、保障和保护为名，而现实中还有其他考量。
which in this case, I must highlight as Apple. Apple is now tightening its controls on Mac devices , claiming it will protect users from artificial intelligence software. This is the plan that Apple has followed time and time again.
They say it's in the name of security, safety, and protection, while in reality there are other considerations.
现在，让我们进入本周的失败者，也就是Apple。一家我热爱的公司；我是Apple的粉丝，我拥有很多他们的产品。我在它的股票上花了一大笔钱，并通过投资它赚取了可观的利润。
Now, let's move on to this week's flop, which is Apple. A company I love; I'm an Apple fan, and I own a lot of their products. I spent a fortune on its stock and made a substantial profit from investing in it.
Apple表示，它将收紧Mac上的数据控制，以保护它们免受人工智能程序的侵害。Apple宣布计划为Mac用户引入新的隐私控制，警告称向第三方软件（包括AI程序）授予广泛数据访问权限的风险日益增加。
这家iPhone制造商补充说，它将引入额外的控制措施，以确保希望授予应用程序完全磁盘访问权限的用户能够通过明确的用户操作来实现，根据其声明。
Apple says it will tighten data controls on Macs to protect them from artificial intelligence programs. Apple announced it plans to introduce new privacy controls for Mac users, warning of the growing risks associated with granting broad access to data to third-party software, including AI programs .
The iPhone maker added that it will introduce additional controls to ensure users who want to grant an application full disk access can do so through an explicit user action, according to its statement.
我认为Apple在隐私方面对此感到担忧，或者对此发出警告，是正确的。但这里还有Apple知道的另一件事正在发生。
I think Apple is right to be concerned about this, or to warn against it, in terms of privacy . But there's also something else going on here that Apple knows about.
苹果的商业模式建立在成为销售终端之上；它拥有App Store，这是世界上最赚钱的平台。你知道吗，苹果是世界上最赚钱的游戏公司？比Rockstar更赚钱，比任何其他游戏公司都更赚钱，因为苹果是App Store里的销售终端。
每一个通过App Store进行哪怕是小额购买的人，都要向苹果支付费用。
Apple has a business model based on being the point of sale; it owns the App Store, the most profitable platform in the world. Did you know that Apple is the most profitable gaming company in the world?
More profitable than Rockstar, more profitable than any other gaming company , because Apple is the point of sale in the App Store. Everyone who makes even small purchases through the App Store pays Apple a fee.
例如，我早期投资苹果的理由之一，就是它打算从其App Store赚取巨额利润，其服务业务，尤其是App Store，所产生的利润率显著高于其他业务。
For example, one of the early points of my investment in Apple was that it intends to make enormous profits from its App Store, with its services, especially the App Store, generating significantly more profit margins than its other businesses.
当你把它的业务作为一个整体来看，你会看到硬件，比如iPhone、Mac、可穿戴设备和家居配件。还有iPad。这构成了它业务的主体。服务部门在苹果总营收中所占比例较小，但它所占的比重却不成比例地大，因为当分析不同业务板块的实际利润率时，产品——也就是其余业务——的整体利润率是39%。
这是非常出色的利润率。所以，苹果从iPhone和其他设备上赚了很多钱，但它的服务利润率更是惊人，达到76%。
When you look at its business as a whole, you see hardware , like iPhones, Macs, wearables, and home accessories. And the iPad. This makes up the bulk of its business. The services division represents a smaller percentage of Apple's total revenue, but it's disproportionately large because, when analyzing the actual profit margins across different business segments, the overall profit margin for products—the rest of the business— is 39%.
That's an excellent margin. So, Apple makes a lot of money from its iPhones and other devices, but its services profit margin is astounding, reaching 76%.
苹果偏爱这种数字化利润率；它喜欢充当支付网关，喜欢对通过其App Store进行的每一笔购买收取费用。苹果还鼓励所有开发者使用其应用内支付系统。
Apple prefers this digital margin; it likes to be the payment gateway and likes to collect fees on every purchase made through its App Store. Apple also encourages all developers to use its in-app payment system .
所以，当你观察这里正在发生的事情时，你会看到人们把Agentic系统连同他们的应用一起安装到Mac和iPhone上。目前，我们在这个领域有Muse作为最新的应用。它是App Store上全球下载量最高的应用，已经取代了ChatGPT。
Muse现在宣布新增连接器功能，让你可以在其中连接其他东西、组织和应用，提供各种体验。这不一样。Muse安装在Mac上，拥有完整的磁盘访问权限，可以执行代理功能。当然，存在安全和隐私方面的担忧，这些担忧是真实的，但这也给苹果带来了一个独特的风险。
So, when you look at what's happening here, you see people installing Agentic systems on their Macs and iPhones along with their apps. Currently, we have Muse as the latest app in this space.
It's the most downloaded app in the world on the App Store, having dethroned ChatGPT. Muse is now announcing the addition of connectors, allowing you to connect other things, organizations, and apps within it, providing experiences.
It's different. Muse is installed on Macs , has full disk access, and can perform proxy functions. Of course, there are security and privacy concerns, and these are real, but this also presents a unique risk for Apple.
当有人下载Muse并通过Muse的Agentic系统进行购买时，苹果拿不到它的分成。如果我让Muse在网上买东西，它作为代理来完成，苹果拿不到钱。如果我开发一款游戏，情况也是一样。
苹果并不能从Muse应用本身获利。甚至即使我有一个指向另一款游戏的链接，苹果也赚不到任何钱。实际上，Muse在苹果的App Store内部创造了一个微型经济体，而苹果无法从中变现。
Mac也是如此，这是苹果正在错失的另一个机会。即使你使用它的机器，它也拿不到属于自己的那份利润。苹果更愿意从自己机器所产生的利润中抽成。
When someone downloads Muse and makes a purchase through Muse's Agentic system, Apple doesn't get its cut. If I ask Muse to buy something online, it does so as an agent, and Apple doesn't get paid.
The same applies if I develop a game. Apple doesn't profit from the Muse app itself. Or even if I have a link to another game, Apple doesn't make any money from that. In effect, Muse creates a microeconomy within Apple's App Store , from which Apple can't monetize.
The same is true for Macs, another opportunity Apple is missing out on. It doesn't get its share of the profits, even when you use its machines. Apple prefers to take a cut of the profits generated by its own machines.
分析师们也注意到了这一点。美国银行警告称，苹果投资者因Meta的Muse而感到担忧。担忧的核心在于，一旦AI系统开始代替打开应用的用户做出决策，谁将掌控这些决策。一位分析师写道，系统所有者才是那个获取路由收入的人，而这些收入此前是分配给操作系统、搜索引擎和App Store的。
他指出，Meta的Muse助手及其不断增长的商业合作伙伴名单，包括Shopify、Expedia和PayPal，是这一模式如何演变的早期迹象。从长远来看，这给苹果带来了大得多的风险。
谁拥有代理的能力，谁就掌控所有登录、凭证、用每个账户进行的支付、所有经济层面以及所有交易。这将成为所有数据流动的中心枢纽，而不是通过苹果所投资的应用层。他们的收入收取系统正在我们眼前被颠覆。
Analysts have noticed this too. Bank of America has warned Apple investors are worried because of Meta's Muse. The concern centers on who controls the decisions once AI systems start making them instead of the users who open the app.
One analyst wrote that the system owner is the one who captures the routing revenue that was previously allocated to the operating system, search engine, and App Store. He points out that Meta's Muse assistant and its growing list of commercial partners, including Shopify, Expedia, and PayPal, are early indicators of how this model is evolving.
This poses a much greater risk to Apple in the long run. Whoever owns the agent's capabilities controls all logins, credentials, payments made with each account, all economic aspects, and all transactions.
This becomes the central hub where all data flows, not through the application layer that Apple invested in. Their revenue collection system is being disrupted right before our eyes.
当然，苹果对此心知肚明。深入思考一下这类事情。苹果一直利用安全和隐私为自己谋利。两件事可以同时为真。苹果确实关心隐私和安全；苹果也喜欢把隐私和安全当作一项功能，并作为限制其他形式经济活动以谋取自身优势的手段。
很明显这种情况可能再次发生。苹果一开始会说这些程序不安全，人们不应该信任它们。它声称这些程序不是它的方法，侵犯了隐私，访问了你所有的数据，对吧？苹果确认，在它推出自己的解决方案之前，这些都不安全。
一旦苹果开发出它的集成解决方案，它就会宣布这是尊重你隐私的安全方法。一切都在内部集成，苹果以竞争对手做不到的方式保护它。苹果一直限制其他公司能做的事，并在自己无法从中获利时将其标记为不安全。
然后，当她能够开发出一种方法时，她加入一些差异，然后称她的方法是“安全的”和“注重隐私的”。
And of course, Apple is well aware of this. Think about this kind of thing deeply. Apple has always used security and privacy to its advantage. Two things can be true at the same time.
Apple genuinely cares about privacy and security; Apple also likes to use privacy and security as a feature and a means to restrict other forms of economic activity to its advantage.
It's clear how this could happen again. Apple began by saying that these programs are insecure and that people shouldn't trust them. It claimed that they are not Her method, and that it violates privacy, and accesses all your data, isn't that right ?
Apple has confirmed that it is not safe until it releases its own solution. Once Apple develops its integrated solution, it will announce it as the secure method that respects your privacy.
Everything is integrated internally, and Apple protects it in a way that competitors do not. Apple has consistently restricted what other companies do and labeled it as unsafe when it has no way to profit from it.
Then, when she is able to develop a method, she adds some differences, and then calls her method "safe " and "privacy-focused"
这个频道对 $AAPL 的历次判断
Joseph Carlson After Hours 在这只股票上只有这一条判断。