Apple's $57 billion in near-term manufacturing commitments and reliance on custom single-source components reflect purchasing scale that locks in capacity and yields pricing leverage that smaller competitors cannot replicate, but this same concentration creates operational risk if supply is disrupted.
the thesis · admitted · the reason above is the thesis, not printed twice
no findingread · nothing bore on it
It held on this filing. No finding was written because nothing in it bore on the reason — the sentences it was read against are below.
the evidence · every sentence checkedfive sentences · whole, uncut
the claims it rests on · in our words, not the filing’s