I can't say whether this deal will turn out to be in Apple's best interest or not, or whether Apple made a poor decision or overpaid. The world's largest technology company has earned the right to spend its billions in whichever way it pleases.
Apple stock was at $590 at 12:15 p.m., down 0.7% for the day and up 7.4% year-to-date.
The general consensus -- especially here at TheStreet -- is that Apple is buying Beats Electronics for its streaming capabilities.
Apple clearly missed the streaming music boat, likely because of its position in the paid music downloads space. While Pandora (P), Spotify and others gobbled up the streaming music market, Apple remained idle.
Its late entry into the market finally came with the introduction of iTunes Radio, which has yet to take the world by storm.
Perhaps Apple liked Beats' headphone technology. Maybe it's a step into the fashion and apparel business.
In any case, the Street's general consensus is that the move was made for streaming music. TheStreet's own Rocco Pendola suggests a number of select companies that Apple could acquire -- ones that would actually make sense too.
The company's move to get into streaming music is interesting. And it brings us the big question:
Is streaming video next?