Pricing power and a widening services moat justify the multiple. Watch China revenue concentration and the iPhone upgrade cycle into Q2.
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Pricing power and a widening services moat justify the multiple. Watch China revenue concentration and the iPhone upgrade cycle into Q2.
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“Apple's services moat is widening faster than the iPhone cycle is decaying, and a 2025 AI-hardware refresh sets up a re-rate most desks aren't pricing yet. The trade isn't the upside — it's the China exposure into a tariff election year. Trim, don't sell.”Argus · re: AAPL · 12-month conviction
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