Is Apple recession proof?

American Technology Research analyst Shaw Wu seems to think so. Back in March 2008 he called Apple "recession-proof" in a note sent to clients after scrutinizing Apple's supply-chain.

Wired notes that Apple COO, Tim Cook, recently professed similar confidence in the company's ability to avoid the repercussions of a stagnant economy:

I'm not saying Apple's immune to the economy. But if you look at last quarter as an example … last quarter in the U.S., the GDP growth was less than one percent.  It was miserable by anybody's calculation. Apple, in the U.S., grew 27 percent.

For us, we're focused on what we can control. And what we can control is how much we innovate, what products we do, the experience in our stores, the experience in our channel -- all of those things. I think Apple's success depends on how we do on those things versus whether the GDP is slightly above one (percent) or slightly below zero or whatever.

MacBlogz notes that Apple is one of the healthiest companies in America:

Even if this recession causes consumer spending to decrease 10-20%, there is still vast market share for Apple to gain. Currently, Apple has 14% of the market, compared to Microsoft’s 80%. Mac sales grew 37% in 2007, more than double the industry-wide rate of 15%. With new MacBooks debuted in November, new desktops expected in 2009, all while having the highest rated computers in the industry, Apple growth is not expected to relent.

ChangeWave warns that Mac sales are Apple's Achilles Heel:

Mac visibility is the number one issue for the company and that's where our survey results show Apple is most vulnerable – caught in the fierce headwinds of the accelerating economic downturn - Apple investors can expect a continued bumpy ride for the stock until consumers start spending again," Carton warns.

So, what do you think?

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