Based on the detailed earnings data and strategic context, here's a direct assessment:

Yes, the iPhone reacceleration is likely enough to mark a durable bottom for the stock, provided it signals the beginning of a multi-quarter upgrade cycle fueled by AI integration and ecosystem monetization—not just pent-up demand.

Here's why:

The Case for a Durable Bottom & Long-Term Buy

Not Just a Rebound—A Narrative Shift

The surprise wasn't just iPhone sales—it was broad-based strength (all regions, record services) combined with aggressive R&D investment (32% increase). This suggests Apple is transitioning from a "hardware replacement cycle" story to an "AI-driven ecosystem monetization" story. That pivot can support a higher valuation floor.

Installed Base as a Moat

With 2.5 billion active devices, even modest growth in services or attach rates (e.g., Apple One, Apple Pay, Fitness+) creates recurring, high-margin revenue. This reduces volatility and makes earnings less dependent on iPhone unit sales alone.

Capital Return as a Support

Apple's $90B+ annual buyback program (~3.5% of shares annually) provides structural support to EPS and the stock price, making severe downside less likely barring a macro crisis.

Valuation Reset Complete

Prior to earnings, Apple had underperformed due to China fears and growth concerns. The beat confirms resilience, and with a forward P/E still reasonable relative to its cash flow, the risk/reward favors ownership.

Key Risks That Could Undermine Durability

China Demand Sustainability: If Chinese consumers shift toward domestic brands (Huawei, Xiaomi), a key growth region could soften.

AI Execution Lag: If Apple's AI investments don't yield visible product differentiation by late 2024, the narrative could weaken.

Regulatory Overhang: Ongoing antitrust cases (DOJ, EU) could force costly changes to App Store or iMessage monetization.

Recommendation: A Buy for the Next Cycle, With Tactical Awareness

For most investors: Buy on weakness (dips toward $180–185) with a 2–3 year horizon. Apple's combination of cash flow, ecosystem, and AI optionality makes it a core tech holding.

For traders: The post-earnings momentum could carry toward $200–205 in the near term, but expect volatility around Fed meetings and iPhone 16 previews. Consider trimming into strength if you’re purely short-term oriented.

Watch for confirmation: The durability of the bottom will be confirmed if:

Services growth remains >15% YoY.

Gross margins stabilize or expand (currently 45.2%).

China revenue doesn't deteriorate in the next quarter.

Bottom Line

This isn't just a trading rebound. The earnings report demonstrated fundamental reacceleration alongside future-looking investments. While tactical traders can play the momentum, long-term investors should view this as an entry point for the next cycle—driven by ecosystem monetization, AI integration, and capital return.