On the heels of a Bloomberg TV interview with Brian Marshall [YouTube link] Turley Muller of Financial Alchemist puts foot to assumptions, and figures the following:

  • AT&T likely subsidizes the iPhone to the tune of $400
  • If AT&T loses exclusivity (i.e. if Verizon gets the iPhone), the subsidy probably won't change. (Not a revelation to the rest of the world where multiple carriers hasn't changed the subsidy or pricing...)
  • iPhone users are 14% of AT&T's wireless customer base.
  • iPhone exclusivity with AT&T may terminate at the end of 2010 but only Apple and AT&T know for sure.

Disclosure, he's long on Apple, but short on Marshall, it seems. Anyone really, truly surprised by any of the above?