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  "title": "Apple M3 and the State of CPUs | Digits to Dollars",
  "note": "Commentary on the state of the CPU market, reflecting on Apple's recent launch of the M3. Many were impressed by the fact they launched three versions all at once, but I hadn't considered the costs of doing that.\n\n> This is somewhat staggering, as we have to assume that tape out costs alone for the three has to be close to $1 billion. Very few companies can afford this large an undertaking.\n\nThe assessment is less technical and more market focused, and highlights how Apple has successfully moved into a space all of their own.\n\n> Which leads to our broader view of the market. As we detailed in our earlier notes there are really two different sides of the PC market – Apple and everyone else.\n\nTo me, Apple in the CPU market seems very similar to Tesla in the auto market. Just playing a different game, and gaining ground while everyone else is still playing the old game.",
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