Apple just hit a new all-time high. The stock is up 17% over the last 10 trading sessions, adding roughly $688B in market value.
A couple of things are notable here.
First, Apple's approach to AI is different. While Microsoft, Meta, Amazon, and Alphabet are making big, aggressive investments in AI infrastructure, Apple's spending remains more disciplined. This leaves its free cash flow generation in a strong position, especially as some investors start questioning the long-term returns on those massive AI capex projects elsewhere.
Second, Apple's sales are holding up better than some expected, despite growing concerns about a potential slowdown.
It feels like the market is starting to reward execution, efficiency, and strong cash generation again.
I'm watching to see how $Apple(AAPL)$ handles this next phase. Things are definitely moving.
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