Where the math is defensible.
Long-form research on live enterprise decisions. Publication is selective. Every number traces to a named source. No takes without evidence.
Apple in 2026: India at Seventeen Percent, Vietnam Adding Modules, China Still the Anchor
Apple is rewiring the largest consumer hardware supply chain in history around a CN+1+2 framework, with India absorbing iPhone share, Vietnam absorbing AirPods and Mac, and China still holding the engineering depth that no other geography can replicate inside three years.
Apple's manufacturing footprint in 2026 sits at an inflection point. India produced an estimated 17 to 22 percent of global iPhones in fiscal year 2025, with Foxconn Sriperumbudur, Tata Karnataka (the former Wistron and Pegatron Chennai plants), and Foxconn Hyderabad anchoring the buildout. Vietnam now hosts the bulk of AirPods, a growing...
Big Tech Antitrust 2026: From Liability to Remedy
Five active US monopolization cases, EU DMA enforcement entering year two, and a global remedy convergence around interoperability mean the operative question is no longer whether platforms will be constrained but how the constraints reprice equity, M&A, and capex.
The 2024 and 2025 dockets converted a decade of platform competition theory into operative law. Judge Amit Mehta's August 2024 liability ruling in United States v. Google held that Google's exclusive default search agreements with Apple, Mozilla, and Android OEMs violated Section 2 of the Sherman Act, 15 USC 2, and the April 2025 remedies...
India PLI at Five: Modi 3.0 Capex, the Electronics Export Ramp, and the Subsidy Reckoning of 2026
Five years and roughly INR 1.97 lakh crore of approved outlay later, the Production-Linked Incentive program meets a record FY26 capex budget, a first wave of fab approvals, and a 26 percent US reciprocal tariff. We assess what worked, what did not, and where the next rupee belongs.
By the end of FY24, Department for Promotion of Industry and Internal Trade (DPIIT) reporting put cumulative PLI-induced investment near INR 1.4 lakh crore, production above INR 12.5 lakh crore, and exports above INR 4 lakh crore across 14 sectors. Mobile phones carry the headline: roughly 14 percent of global iPhones are now assembled in...
Ireland at Fifteen Percent: The Pillar Two Transition and the Stickiness of the Cluster
The 12.5 percent rate that built modern Ireland is gone for the largest multinationals, replaced by a 15 percent floor enforced through QDMTT and IIR. Corporate tax receipts kept climbing through the transition. The question is whether agglomeration outlasts arbitrage.
Ireland transposed EU Council Directive 2022/2523 through Part 4A of the Taxes Consolidation Act 1997, inserted by the Finance (No. 2) Act 2023. From accounting periods beginning on or after 31 December 2023, Irish constituent entities of multinational groups with consolidated revenue at or above EUR 750 million pay an effective 15 percen...
Ireland's Corporation Tax Windfall and the Future Ireland Fund: Sovereign Savings Against a Concentrated Base
The 13.0 billion euro Apple State Aid disbursement and a 27.8 billion euro 2024 corporation tax take pushed Ireland's headline surplus to 25.0 billion euro, but the Irish Fiscal Advisory Council estimates that ten firms generate 56 percent of receipts. The Future Ireland Fund and the Infrastructure, Climate and Nature Fund are the policy answer for the 2025 to 2035 window, and Pillar Two and US tariff risk are the live threats.
Ireland's exchequer collected 27.8 billion euro in corporation tax in 2024, equal to 33 percent of total tax revenue, with an additional 14.1 billion euro in Apple back taxes plus interest received in tranches under the Court of Justice of the European Union ruling in C-465/20 of September 10, 2024. The 2024 general government surplus rea...