In a significant flurry of consumer hardware launches, Apple introduced its first foldable device, the iPhone Duo, alongside the iPhone 18 Pro on September 9, 2023. Meta Platforms launched a new lineup of AI glasses and a pocket device. Additionally, SpaceX launched its first batch of next-generation Starlink satellites. The surge in launches reflects an evolving landscape where hardware companies often benefit less from direct sales and more from industry shifts toward subscription or supplier revenue.
Key players benefiting from these shifts include Qualcomm, which generates reliable royalty revenue even when its chips are not used, and STMicroelectronics, which supplies the radio-frequency components for Starlink’s antennas. STMicroelectronics has shipped over 5 billion chips to SpaceX and anticipates doubling production volumes within the next two years, targeting $3 billion in revenue by 2030. Meanwhile, Oura’s IPO, launched on September 21, offered 50 million shares at an expected valuation of $15.6 billion, backed by strong membership retention rates and significant revenue growth.
Overall, the upcoming months will be critical for these companies, as shifts in consumer behavior and subscription renewals will heavily influence their market positions. Investors should closely monitor royalty revenues from Qualcomm, terminal shipments from STMicroelectronics, and membership metrics from Oura to gauge long-term viability.
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