Apple's Reliance Upon Cirrus
Over the past many years, Apple's (AAPL) reliance upon Cirrus Logic (CRUS) for high quality sound technology has been long and significant. What does Apple pay? What does Apple get? How important is Cirrus' technology? These are some of the questions on which we intend to provide perspective. Understanding this relationship is critical. Cirrus investors are first and foremost interested in Cirrus' heavy reliance on Apple revenue (75%). Apple depends upon Cirrus' superior differentiating technology. Most important, the sometimes very painful experience of owning Cirrus with its