The Perpetual Money Machine

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Once Again, Apple's Greatest Product Is ... It's Stock!

by Alex King

Summary:

• Apple fundamentals did not improve this quarter. In fact they worsened.
• Revenue growth declined, cashflow margins fell, and cash balances were lower.
• The stock was up +10% on the day at the post-market high.
• Why is this, and where might the stock price reach? Read on!

Headline Numbers

You can read about numbers of iPhones and the percentage growth in Services revenue and all about Vision Pro and on-device AI on literally every other site on the Internet, so we don't need to go into all that stuff here, especially as none of it matters.

Here's the headline numbers. What they tell you is that the brand cult continues to generate a swollen storm-drain full of dollars headed directly to Cupertino every single day of the year. The catalysts don't matter. Phones, headsets, earbuds, notebooks, whatever. Like any brand cult, as long as the stuff the factories churn out are deemed an authentic fit to the brand values, the believers will continue to make their donations to the cause. (For the avoidance of doubt, this note is being written on a Mac, so you should not read any kind of judgment into this characterisation. I don't make the rules. Let's just call it what it is!).

Fundamental Analysis, Valuation, Rating And Stock Price Target

Here's the good stuff!