Entrepreneur Jason Calacanis has proposed a list of 10 companies for Apple Inc (NASDAQ: AAPL) to acquire, suggesting the tech giant use its cash reserves for "big swings" under new CEO John Ternus.

The All-In Podcast co-host shared the list on social media, targeting firms across artificial intelligence, logistics, and media sectors. The suggestions range from private AI startups to publicly traded giants like Disney Co (NYSE: DIS) and Uber Technologies (NYSE: UBER).

Acquisition Targets and Valuations

Calacanis identified five public and five private companies as potential acquisition targets. The list includes Perplexity AI, described as a search and default large language model provider, and Wispr Flow, noted for voice-to-text capabilities relevant to Siri.

Other private targets include Superhuman, an AI office suite reportedly acquired by Grammarly for $825 million, and Exo Labs, focused on local open-source AI. Digital Ocean Holdings Inc (NYSE: DOCN) was cited as a potential move to create an AWS competitor.

Public company suggestions include Robinhood Markets Inc (NASDAQ: HOOD) for finance platform expansion, Go.AI for infrastructure, and DoorDash Inc (NASDAQ: DASH) alongside Uber for logistics integration. Disney was listed with the brief description "obvious."

Conflict of Interest Disclosure

Calacanis disclosed that he owns shares in four of the 10 companies he recommended for acquisition. This conflict of interest was admitted in response to comments on his social media post detailing the list.

Financial Context and Strategy

Apple ended its third quarter with $147 billion in cash. While this war chest is substantial, it is insufficient to acquire all suggested targets or larger entities like Disney or Uber individually without significant leverage or dilution.

Apple’s largest historical acquisition remains the $3 billion purchase of Beats in 2014. The company has only two acquisitions totaling $1 billion or more, preferring organic growth through product launches. Analysts have long called for bigger bets, particularly in AI where Apple is perceived to lag rivals.

What the Numbers Show

The valuation gap between the suggested targets and Apple’s liquidity is stark. The combined market capitalization of the public targets alone—Disney ($180 billion), Uber ($145 billion), Robinhood ($112 billion), DoorDash ($84 billion), and Digital Ocean ($17 billion)—totals approximately $538 billion. This sum nearly quadruples Apple’s disclosed cash position of $147 billion, indicating that any major acquisition would require financing beyond current liquid assets.

Deepwater Asset Management Managing Partner Gene Munster stated that consensus estimates for Apple Inc (NASDAQ: AAPL) iPhone revenue in fiscal 2027 are likely too low by 10%. The analyst highlighted stronger-than-expected demand for premium models and the upcoming launch of the foldable Duo smartphone as key drivers.

Premium Demand Outpaces Expectations

Apple has altered its release schedule for this year, launching the iPhone 18 Pro and iPhone 18 Pro Max months before the base model. Munster noted that lead times for these premium devices are 15% longer than a year ago. This metric is tracked daily across eight countries, including the United States, United Kingdom, China, Canada, Switzerland, France, Japan, and Germany.

The extended lead times suggest buyers are opting for the higher-priced Pro models rather than waiting for the base iPhone release in spring 2027. Munster had initially expected shorter lead times this year, indicating that the shift toward premium purchases is accelerating.

Duo Foldable Impact on Revenue

The foldable Duo smartphone will begin preorders on Oct. 16, with deliveries starting Oct. 23. Munster views early demand for the Duo as a critical indicator of whether consumers continue prioritizing premium devices over the base model.

Consensus estimates project approximately 4.5 million Duo sales in fiscal 2026. However, Munster argued that these figures may not fully account for the device’s $2,100 average selling price. He estimated that the Duo could capture 35% market share in its first year and constitute around 8% of total iPhone units next year.

Despite potential challenges in converting existing foldable users from rival companies, Munster believes a third of Pro Max users could switch to the Duo. This migration could boost iPhone revenue by 10% due to higher average selling prices.

What the Numbers Show

Munster estimates that while the Duo will represent only 8% of iPhone units next year, it will account for 14% of iPhone revenue. This divergence highlights the significant revenue contribution of the high-ASP foldable device relative to its volume share.

Stock Performance

Apple stock rose 0.1% to $336.48 on Monday. The shares trade within a 52-week range of $243.42 to $344.57. Year-to-date in 2026, Apple stock is up 24.2%.