Illustration: Lazaro Gamio/Axios

A stunning datapoint from Axios' Ina Fried: Apple's iPhone revenue rose by 29% in the most recent quarter, compared to a year previously — even as the total number of iPhones sold was flat.

Why it matters: Technology always plunges in price over time. Except, it seems, if you're Apple.

  • The cheapest Mac Mini was $499 up until this week. Now, it's $799. The rest of the lineup is also seeing price hikes.
  • Apple will no longer report unit sales for the iPhone and Mac, indicating that the company sees more growth from raising prices than it does from selling more gadgets.

Context: The low end of the market, for both phones and computers, is dominated by Alphabet's Android and Chrome. Apple has neither the inclination nor the ability to compete on price against an open-source competitor, so it's not even trying. Instead, it's extracting maximum revenues from its existing customer base.

Open source couldn't be hotter right now: After Microsoft bought GitHub for $7.5 billion, IBM came along to buy Red Hat for $33.4 billion. That's fantastic for Red Hat shareholders, but it doesn't necessarily reflect a hugely strong underlying business.

  • IBM is paying more than 10 times revenues, more than 25 times book value, more than 50 times estimated 2019 earnings, and more than 120 times Red Hat's fully diluted earnings per share over the past 12 months.

The big picture: Open source is of central strategic importance to all tech companies, including Alphabet, IBM and Apple. But the tech giants vary widely in whether and how they decide to build it, buy it or counterprogram against it.

Go deeper

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SPACs are the new IPOs

Churchill Capital Corp. III has agreed to acquire health-cost management services provider Multiplan at an initial enterprise value of $11 billion, as such deals continue to proliferate as alternatives to IPOs.

Why it matters: This is the largest special purpose acquisition company (SPAC) merger, and also includes the largest private investment in public equity (PIPE) associated with a SPAC. Existing Multiplan owners like Hellman & Friedman and General Atlantic will roll over more than 75% of their collective stake, and own over 60% of the public company.

Washington Redskins will change team name

Photo: Patrick McDermott/Getty Images

The Washington Redskins announced Monday that the NFL team plans to change its name.

Why it matters: It brings an end to decades of debate around the name — considered by many to be racist toward Native Americans. The change was jumpstarted by nationwide protests against systemic racism in the U.S. this summer.

3 hours ago - Health

Houston public health system CEO says coronavirus situation is "dire"

Houston's coronavirus situation is "dire, and it's getting worse, seems like, every day," Harris Health System CEO and President Dr. Esmail Porsa said Monday on MSNBC's "Morning Joe."

The big picture: Porsa said the region is seeing numbers related to the spread of the virus that are "disproportionately higher than anything we have experienced in the past." He noted that Lyndon B. Johnson Hospital's ICU is at 113% capacity, and 75% of its beds are coronavirus patients.