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I think "value laptop" is the new product—for Apple.

The closest they ever came to something similar was the far too expensive 12" MacBook, and the far-too-compromised PowerBook Duo (IMHO).

12" MacBook, PowerBook Duo, PowerBook 2400, and first-gen MacBook Air were attempts at making the smallest possible Mac notebook.

The Neo is their only attempt to date at making the least expensive possible Mac notebook.

And to zoom out a bit, Apple has lots of experience selling budget devices e.g. iPhone SE.