Tim Cook: Goldman Sachs conference

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China Daily/ReutersApple CEO Tim Cook just finished speaking at the Goldman Sachs Technology and Internet Conference in San Francisco.

Cook talked up a wide range of topics related to Apple's business.
He spoke about Apple's success in China, where it had sales of over $38 billion this year, and noted that a couple years ago sales there were less than $1 billion. He said that Apple sees a similar opportunity ahead in India, where it's just getting started.

He also talked about the company's environmental initiatives are good for Apple's bottom line in the long-term. On stage, he announced that Apple is teaming up with First Solar to build a $850 million solar energy plant near Monterey, California, about 100 miles south of San Francisco.
The plant will power Apple's new headquarters.
Cook also emphasized the health benefits of the Apple Watch, which will include health tracking features. He compared sitting to cancer.

Here's our minute-by-minute coverage of Cook's talk:
12:25 PT We're about to get started here. It's standing room only in the Palace Hotel ballroom.
12:35 PT We're getting started! Tim Cook and Gary Cohn just walked on stage.
12:36 PT Cohn is "lusting after" Cook's time as CEO. He's listing Cook's accomplishments: "Not a bad start, right?"
12:37 PT Cook is giving the boilerplate disclosure about forward-looking statements.

12:38 China.
There are now 19 stores in greater China.

"I think we're still not too far from the surface," in terms of opportunity in China.
Cook says he's been studying China for 30 years.
1:10 PT Cook says India is a major opportunity for Apple
"In some number of years you could envision India being really significant, too," says Cook.
Cohn asks Cook about how Apple spends money. Cook says R&D is most important. Says Apple bought 17 companies in 2014.

Cook: "We have some money left over" referring to Apple's massive $178 billion pile of cash. The audience chuckles.
Cook says it wants to give back, hence the billions in stock buybacks.
1:13 PT Now we're talking Apple's IBM partnership.
"The skills of the two companies are very complementary," said Cook.
"Both of us bring a significant amount to this," said Cook. "We want to change the way people work."

Cook is stressing job-specific apps rather than broad productivity apps.
"The relationship between the companies is quite good," said Cook. "The engineers work well with each other."
1:16 PT "The truth is enterprise has not moved to mobile like [the consumer market] has," said Cook.
Cohn: What's the future of the Mac?
Cook: "I think it has a bright future despite the industry shrinking. We've moved up to 7% share."

Cook is talking up Continuity, a feature that lets people complete tasks on multiple devices seamlessly. It's one of the best features of iOS 8.
1:20 PT Cohn: What are you most looking forward to?
Cook: It's all about people, strategy and execution. Cook is talking up the Beats acqui-hire.
"The strategy for us is mostly about products," says Cook.

Cohn says Apple has a $700 billion market cap as of today.
1:22 PT And that's it! The audience is slowly pouring out of the ballroom. Thanks for stopping by.

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