'Throwback to 1984:' Apple's Mac Business Just Surged 24% — Top Analyst Says the Real Boom Is Only Getting Started

Deepwater Asset Management’s Gene Munster compared Apple Inc.’s (NASDAQ:AAPL) accelerating Mac sales to the original Macintosh launch in 1984, predicting an artificial intelligence-driven upgrade cycle that could deliver much stronger growth than Wall Street expects.

Munster Predicts Mac Growth Will Accelerate

"$AAPL throwback to 1984," Munster wrote Monday on X, following CEO John Ternus’ earnings call. "This is the super cycle we have been talking about. It’s already started," he added, highlighting Mac’s 24% September-quarter revenue growth against analysts’ expectations of roughly 15%.

$AAPL throwback to 1984:

Ternus says education is a huge opportunity based on Neo. Also says Mac will have an AI moment. This is the super cycle we have been talking about.

It's already started (Mac up 24% in Sep vs Street at up 15%). Next year the Street is looking for up…

— Gene Munster (@munster_gene) November 2, 2026

"Next year the Street is looking for up 6%. I expect it will be up 15% plus," Munster wrote, arguing that Apple’s education expansion and emerging AI capabilities could sustain demand.

Apple reported Mac revenue of $10.8 billion, up 24% year-over-year despite supply constraints. Ternus said the company sold more Macs during fiscal 2026 than ever before, driven partly by the affordable MacBook Neo.

Apple’s Biggest Education Deal Fuels Optimism

Ternus also announced Apple’s largest-ever Mac education agreement, involving approximately 170,000 MacBook Neos for Philippine public school teachers and staff.

The Philippines’ Department of Education confirmed on Tuesday that it secured 172,654 laptops, with deliveries scheduled through March 2027. The agreement includes five-year warranties and teacher training, potentially expanding Apple’s long-term ecosystem reach.

Sa isang milestone na hakbang upang pabilisin ang digital education roadmap ng bansa, matagumpay na natapos ng Department of Education (DepEd) ang competitive bidding para sa pinakabagong computerization project nito, kung saan 172,654 na Apple MacBook Neo laptop ang ipamamahagi… pic.twitter.com/whLwNPyCYr

— DepEd (@DepEd_PH) November 3, 2026

Munster, who previously predicted MacBook Neo could generate approximately $2 billion annually, also highlighted Ternus’ expectation that Mac would experience an "AI moment" as Apple expands on-device intelligence.

Apple Shares Slide Despite Strong Earnings

Apple reported quarterly revenue of $114.5 billion, up 12%, while earnings reached $2.10 per share. However, rising memory costs prompted management to forecast December-quarter gross margins of 45%-46%, down from 47.9%. Reuters also reported weaker-than-expected Services growth guidance.

AAPL shares fell 1.83% to $338.32 on Monday before sliding another 2.8% in after-hours trading to approximately $329. Despite the selloff, the stock remained up roughly 25% year-to-date, highlighting its substantial gains amid mounting concerns over AI competition and profitability.

Price Action: AAPL shares were trading 4.42% lower at $323.35 in pre-market trading on Tuesday, according to Benzinga Pro data.

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