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The Preamble of the Constitution states, “provide for the common defense, promote the general welfare.” We’ve been doing the opposite. That needs to be reversed.

Brad Bowman, Senior Director at the FDD, joined “Forbes Newsroom” to discuss his experience as a Black Hawk pilot flying in U.S. airspace directly after 9/11.

“Several of Oracle’s bear cases were addressed head on” in the latest earnings report, according to an analyst.

Apple’s (AAPL) newest iPhones may finally give investors a stronger reason to believe in the company’s artificial intelligence strategy.

Morgan Stanley analyst Erik Woodring said Apple’s Sept. 9 product event showed a faster pace of hardware and software innovation than in recent years, led by its first foldable iPhone, new A20 chips, and a more capable version of Siri.

“A little of the ‘old’ mixed with a lot of the ‘new’ as CEO John Ternus heralds the next evolution of the Apple story,” Woodring said in a research note shared with TheStreet.

The event was also the first major showcase under Ternus since he replaced Tim Cook as CEO, putting him in charge as Apple tries to write a better AI story.

Woodring pointed to the new iPhone Duo, Apple’s first 2-nanometer A20 chip, stronger-than-expected upgrades to the iPhone 18 Pro lineup, and enhancements to Siri.

“In our view, today’s event previewed far more innovation than past years,” Woodring said.

The larger opportunity may come from the millions of iPhone users still holding older devices.

Morgan Stanley estimates that 57% of Apple’s iPhone installed base, involving roughly 690 million devices, is using a phone older than the iPhone 15 Pro. Meanwhile, 87% of the installed base cannot run the most complex Siri AI workloads.

That comes as consumers are keeping their iPhones for more than four years, creating a large pool of older devices that could eventually be replaced.

“We believe this pace of innovation — as well as price point premiumization — is likely to materialize in multiple years of above-trend growth, making an ‘Apple AI’ bull case now more feasible,” Woodring said.

The analyst maintained an overweight rating and a $360 price target on Apple. Here’s what he sees.

Apple enters new cycle after strong earnings

Apple is entering the new product cycle after a strong fiscal third quarter.

In July, the company reported revenue of $109.4 billion, up 16% from a year earlier, while diluted earnings per share rose 29% to $2.02. Both were June-quarter records.

iPhone was a major driver. Revenue from the business jumped 22% to $54.25 billion, while Mac revenue climbed 29% to $10.35 billion and Services revenue increased 12% to $30.74 billion.

Related: Bank of America resets Apple stock price target after iPhone Duo launch

Apple’s installed base of active devices also “reached a new all-time high across all major product categories and geographic segments,” said Apple CFO Kevan Parekh in a press release.

But investors were less impressed by the outlook. Apple forecast September-quarter revenue growth of 9% to 11%, implying a midpoint of about $113 billion, compared to the $114.9 billion analysts expected. Supply constraints still limit Apple’s ability to meet demand.

The new iPhones and Siri AI could now help determine whether Apple can accelerate growth again into fiscal 2027.

Shares of Apple are up 23% year to date, trading at $334.Getty Images

Apple pricing strategy could help drive growth

Morgan Stanley also sees an important shift in Apple’s pricing strategy.

Apple raised the iPhone 18 Pro and Pro Max prices by $100 from last year, to $1,199 and $1,299, respectively. That was less than Morgan Stanley expected, given rising costs.

“The relatively modest $100 like-for-like price increase suggests Apple is prioritizing upgrade volume and gross profit dollars over pure margin preservation,” Woodring said.

Related: Cathie Wood buys $6.5 million of surging semiconductor stock

Instead of relying only on higher prices for its newest phones, Apple also kept prices higher across older models rather than applying its traditional $100 price reduction after a new launch.

Higher trade-in values, carrier subsidies of up to $1,200 and new leasing options could also make the more expensive devices easier for consumers to buy.

Morgan Stanley believes Apple may be willing to accept some pressure on margins if that helps increase upgrades, keep users in its ecosystem, and push customers toward higher-storage models.

Its supply-chain checks suggest calendar 2026 iPhone production could approach 270 million units, up about 7% year over year. More than 70 million iPhone 18 Pro models could be built in the second half, about 15% above comparable iPhone 17 Pro production last year.

AI remains another major part of Morgan Stanley’s bull case

Apple has faced questions about whether it is falling behind rivals in the AI race. The new Siri, however, gave Woodring more confidence.

“The biggest AI surprise was how aggressively Apple expanded Apple Intelligence beyond 1P applications and into real-world workflows,” Woodring said.

Siri can now use information from messages, email, photos and apps to better understand what users are asking. Morgan Stanley was especially encouraged by Apple bringing those features to third-party apps.

The analyst pointed to Siri’s ability to work with more than 300,000 third-party apps, as well as Safari alerts for product restocks and price changes and Health integration with Quest Diagnostics.

Morgan Stanley said those features could help turn the iPhone into what it calls a “personal intelligence hub.”

Shares of Apple are up 23% year to date, trading at $334 as of this writing.

Related: Verizon scales back a perk that keeps prices low for customers

There’s a very interesting spot to occupy in the AI chip race. It’s in the middle, where you can win because your value is useful to everyone. Marvell CEO Matt Murphy thinks his company has found that corner office. 

On CNBC’s “Mad Money” on Sept. 8, Murphy called Marvell “the Switzerland of this entire market.” Why? It can work across different GPU and XPU platforms.

In fact, I looked at the numbers, and it turns out Marvell has outperformed every major chip stock over the past year. It is up 239%, while Broadcom fell 1.65%, Nvidia gained 23.44%, and AMD surged 215.66%. 

The number validates that Murphy has actually been cooking, and it’s not food. He claims he has been doing it quietly, for the better part of a decade. And the gem behind the rally? Trust.

In this market, these large hyperscale customers and the ecosystem around it, it’s really based on trust.

Murphy continued. “I think trust has been a huge part of our brand and our credibility.”

Also Read: Marvell Technology Inc. Latest News and Stories

The meaning of Marvell’s trust in the hyperscaler chip business

Murphy was describing a very specific competitive dynamic that determines who gets the most valuable chip contracts in the world.

We all know the hyperscalers’ elephants in the house — Amazon (AMZN), Microsoft (MSFT), Alphabet (GOOGL), and Meta Platforms (META) — are designing custom AI chips in-house and seeking semiconductor partners who can execute on designs so complex that a single delay can set back an entire data center buildout by months.

They can’t afford to give that work to someone they don’t fully believe in, right? 

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Murphy broke it down fully to CNBC: “Can you trust the engineering team and the company is going to deliver the chip? Can you trust the management team that they’re going to shoot you straight? Can you trust that the capacity and the supply is going to be there, and can you trust the CEO at the end of the day?”

That’s four distinct layers of trust. Building all four simultaneously with the world’s most demanding technology customers honestly takes years, effort, and trust. 

Murphy actually suggested it took roughly a decade. And we all can see the payoff is now showing up in the revenue projections.

Marvell’s revenue revision that reframes the whole story

There is a rally I want you to notice. In December 2025, Marvell expected about $10 billion in revenue for fiscal 2026 and $13.5 billion in fiscal 2027. Combined two-year outlook: $23.5 billion.

Murphy told Jim Cramer in the CNBC interview that Marvell now expects approximately $12 billion this fiscal year and $18 billion next year. Combined two-year outlook: $30 billion.

Notice that they’ve gone from $23.5 billion last Dec. 2025 to $30 billion. And we are only in September 2026. Clearly, things have gone well. In roughly nine months, the two-year revenue outlook expanded by $6.5 billion. 

Related: Marvell’s $120B AI deal came with an unexpected catch

The driver is data centers. Marvell generated roughly $2 billion in data-center revenue in 2023. Murphy now expects more than $15 billion of next year’s $18 billion projection to come from data centers. 

“Basically, we’ve come in a full year and taken the company from $2 billion and change in data center revenue in 2023 to $15-16 billion next year,” he said.

The most recent quarter confirms the trajectory is real. Marvell reported record Q2 fiscal 2027 revenue of $2.74 billion, up 37% year over year (YoY), with data-center revenue accelerating to 46% YoY growth, according to Marvell’s Q2 earnings statement. 

Non-GAAP EPS came in at $0.94, beating the $0.87 consensus estimate. Q3 guidance calls for approximately $3.15 billion in revenue at the midpoint.

In December 2025, Marvell expected about $10 billion in revenue for fiscal 2026 and $13.5 billion in fiscal 2027. The combined two-year outlook was $23.5 billion. Fast forward to Sep. 2026, Marvell now expects approximately $12 billion this fiscal year and $18 billion next year. The combined two-year outlook is $30 billion.Shutterstock

Why being the “Switzerland” of AI is a competitive moat

Murphy’s Switzerland description — “We work with everybody” — is more strategically meaningful than it sounds. It’s actually not a marketing line.

Most custom silicon stories are binary. You win a major hyperscaler customer, or you don’t. Marvell avoids that binary by serving all four major U.S. hyperscalers simultaneously on custom silicon while also selling optical connectivity products broadly across the industry, according to Murphy’s comments to CNBC. 

The optical business matters because as AI clusters scale, the networks connecting those clusters become as important as the chips themselves.

The Google partnership confirmed in August crystallizes the opportunity. Marvell signed a multi-year technology supply agreement with Google, which had long been considered Broadcom’s most important custom chip customer, according to TheStreet’s reporting. 

Under the agreement, Marvell could issue warrants representing about 6.5% of the company if cumulative revenue with Google reaches $120 billion. 

“What it really says at a high level is we have customers that want to partner with Marvell,” Murphy said. “They want to be part of our success.”

Cramer also raised Nvidia CEO Jensen Huang’s suggestion that Marvell could eventually become a trillion-dollar company. Murphy deflected gracefully: “We’re just focused on driving the business, creating the value for shareholders along the way.”

MRVL share performance ranks eighth among S&P 500 companies by year-to-date return, up 167.47% according to Slickcharts.

All eyes are now on the next major fundamental day on Oct. 6, when Marvell presents a new four- to five-year roadmap at its investor day.

If the trajectory Murphy described holds, that event will validate the current valuation or even set a new one.

Related: Morgan Stanley points to the good news in Marvell’s data centers

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On “Forbes Newsroom,” Dr. Annie Andrews, the Democratic nominee for South Carolina Senate, discussed her campaign to unseat Sen. Darline Graham Nordone (R-SC).

Economists note that the Fed historically has not been content to raise rates only once.

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Why we love this deal

One of the great joys of the fall weather reset is lounging outside on comfy patio furniture. Cool breezes and crisp air allow for many hours of outdoor enjoyment on your balcony, patio, or deck. That said, you can’t do so if you don’t actually have the right patio set for your needs. Amazon can help with that, thankfully. The online behemoth is selling a cute and convenient bistro patio set at a great price, and this is a deal that’s not to be missed.

The Tangkula 3-Piece Patio Set is just $80. It’s hard to come out of the grocery store for less than that, so getting an entire patio set for less than $100 is a real coup. The beauty of this set is in its versatility, not to mention its affordability.

Tangkula 3-Piece Patio Set, $80 at Amazon

Courtesy of Amazon

Shop at Amazon

Why do shoppers love it?

This patio set is the perfect pick for anyone who wants a lovely accent set or even primary seating for a small space. Included are two padded fabric sling chairs and a small bistro table. Each piece has a frame made from powder-coated stainless steel. The frames are rustproof and corrosion resistant, which makes them ideal for staying outside year-round. What’s more, the black and gray color variation resists fading and hides stains wonderfully. A round tabletop with a diameter of 20 inches is the perfect size for drinks, snacks, and even your tablet or smartphone.

Each of the chairs has a padded fabric sling design that provides just enough give to be cozy while still offering back support. One of the best features is the built-in headrest pillow. This small detail improves an otherwise simple design more than one might think, as it makes it a primary choice for afternoon naps, reading books, or watching birds. For even more convenience, both chairs have dual storage pockets on the side for any small items that you want to keep close at hand. The pockets are the perfect size for a smartphone, keys, or both. Each chair has a weight capacity of 330 pounds, thanks to the durable steel construction and reinforced joints.

The breathable fabric makes these chairs incredibly comfortable, not to mention lightweight. The whole set is easy to pick up and move, whether you’re reconfiguring your patio or just plan to store them for the winter. The entire set weighs a combined 30 pounds, so almost anyone can move it around on a whim. Assembly takes less than 30 minutes, so there’s no worry when it comes to putting it together.

Related: Amazon’s $70 3-piece patio set is made with breathable mesh that keeps you cool

While wicker patio sets with thick cushions are popular at the moment, sling chairs like these offer a whole different vibe, and one that we’re definitely feeling. While thick cushions have covers that need to be removed and thrown in the washing machine, these chairs can be wiped down with basic soap and water to look brand new.

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Vasagle End Table with Charging Station Set of 2, $36 (was $70) at Amazon

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The Tangkula 3-Piece Patio Set can revamp your backyard or patio for only $80. Outdoor furniture this unique doesn’t usually stay in stock very long, so we recommend putting one in your digital cart ASAP if you don’t want to be left behind.

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