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Is Apple thinking of building their own chips? It has been talked about a lot in the industry, but hiring Mark Papermaster, former vice president of microprocessor technology at IBM Corp. could be an indication for that.

Apple has grand plans for the iPhone, and the whole idea of Apple making its own chips been tossed around alot and can’t be ignored easily. Will they do that with iPhone 3.0? That’s something we will have to wait and see.

We all know how popular iPhone is among folks of all ages. But, I have always wondered how the economy would affect Apple’s sales. Apple is a premium product maker, which means you are not going to find a cheap gadget in their product offerings. iPhone costs $199 up front, but the phone+data service could be a back breaker for most folks in these tough times. There are now reports that Apple will cut production by 40% in the next quarter and re-adjust their forecasts for future quarters.

The fact is folks are scared to spend money these days, and many don’t have it to spend. That’s why iPhone will take a hit in the next quarter. It’d be surprising to see people complaining about the economy and at the same time spent well over thousands in total over a gadget such as iPhone. Not that it’s not worth it, but you can’t buy when you are broke.