Apple's Quarterly Disclosure

Apple's release of its' financial results told some interesting stories. First, Apple is heavily reliant on the iPhone. But then with the disclosure of AT&T so is AT&T - it looks like their bottom line was also driven by the phone. Second, the Application Store has for the last several weeks had a larger uptake than even iTunes. Were Apple to get a bit more robust in getting old movies on their site that might change. But the uptick of the AP Store gives you a good idea about where Apple's market is going. What it also presages is where the entire computer market is going. About a decade ago some visionaries like Kevin Kelly and George Gilder suggested that we would soon be in the arena of ever available data - anywhere/anytime. While the iPhone may not be the final version of this capability it certainly offers a map to the future.

There are some more turns to this story. But with almost $25 billion in cash on the balance sheet - Apple looks surprisingly nimble.