Apple Inc. (AAPL) is a global technology company that designs, manufactures, and markets a wide range of consumer electronics, software, and services. The company is known for its innovative products and operates in highly competitive markets characterized by rapid technological advancements. Apple sells smartphones, personal computers, tablets, wearables, and a variety of services, including digital content and payment solutions.
- iPhone - Develops and sells a line of smartphones based on the iOS operating system, known for their advanced features and user-friendly interface.
- Services - Offers a variety of services including digital content platforms, cloud services, and payment solutions, contributing significantly to Apple's business.
- Wearables, Home, and Accessories - Produces smartwatches, wireless headphones, media streaming devices, and smart speakers, enhancing the Apple ecosystem.
- Wearables - Includes products like the Apple Watch and AirPods, as well as the Apple Vision Pro spatial computer.
- Home - Features products such as Apple TV and HomePod smart speakers.
- Mac - Designs and sells personal computers, including laptops and desktops, running on macOS.
- iPad - Offers a line of multipurpose tablets based on iPadOS, catering to both personal and professional use.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Tim Cook ExecutiveBoard | Chief Executive Officer (CEO) | Board Member at Nike, Inc.; Board Member at The National Football Foundation; Trustee at Duke University; Leadership Council Member at Malala Fund. | CEO of Apple since 2011, joined Apple in 1998. Previously COO and EVP of Worldwide Sales and Operations. Oversaw Apple's market cap growth by over $3 trillion. | View Report → |
Deirdre O’Brien Executive | SVP, Retail + People | None reported. | Leads Apple’s retail and online teams and People team. Joined Apple in 1988. Previously VP of People and VP of Operations. | View Report → |
Jeff Williams Executive | Chief Operating Officer (COO) | None reported. | COO since 2015. Oversees worldwide operations, customer service, and Apple Watch development. Joined Apple in 1998. | View Report → |
Kate Adams Executive | SVP, General Counsel, and Secretary | None reported. | General Counsel since 2017. Oversees legal matters, including corporate governance, litigation, and compliance. Former General Counsel at Honeywell International. | View Report → |
Kevan Parekh Executive | Chief Financial Officer (CFO) | None reported. | CFO since January 2025. Joined Apple in 2013. Previously VP of Financial Planning and Analysis and VP of Worldwide Finance for Sales, Marketing, and Retail. | View Report → |
Alex Gorsky Board | Director | Board Member at IBM; Board Member at JPMorgan Chase & Co.; Board Member at Travis Manion Foundation; Board Member at National Academy Foundation. | Director since 2021. Former Chairman and CEO of Johnson & Johnson. Expertise in health and technology. | |
Andrea Jung Board | Director | President and CEO of Grameen America LLC; Board Member at Rockefeller Capital Management; Board Member at Unilever PLC; Board Member at Wayfair Inc.. | Director since 2008. Former CEO of Avon Products. Expertise in brand marketing and consumer products. | |
Art Levinson Board | Chair of the Board | CEO of Calico; Board Member at Broad Institute of MIT and Harvard; Board of Scientific Consultants at Memorial Sloan Kettering Cancer Center. | Chair of Apple’s Board since 2000. Former CEO and Chairman of Genentech. Recognized for contributions to science and technology. | |
Monica Lozano Board | Director | Board Member at Bank of America Corporation; Board Member at Target Corporation; Chair of the Board of Weingart Foundation. | Director since 2021. Former CEO of College Futures Foundation. Expertise in media, marketing, and strategic planning. | |
Ron Sugar Board | Director | Board Member at Amgen Inc.; Board Member at Chevron Corporation; Board Member at Uber Technologies, Inc.; Trustee at University of Southern California. | Director since 2010. Former Chairman and CEO of Northrop Grumman. Expertise in financial management and global operations. | |
Sue Wagner Board | Director | Board Member at BlackRock, Inc.; Board Member at Samsara Inc.; Trustee at Wellesley College; Board Member at Color Health, Inc.. | Director since 2014. Co-founder of BlackRock, Inc. Expertise in financial services and global business. | |
Wanda Austin Board | Director | Board Member at Amgen Inc.; Board Member at Chevron Corporation; Co-founder of MakingSpace, Inc.; Member of American Energy Innovation Council. | Director since 2024. Former CEO of The Aerospace Corporation. Expertise in technology, cybersecurity, and public policy. |
- With Services revenue reaching a $100 billion run rate, can you elaborate on the sustainability and growth prospects of the recurring versus transactional components, and how competitive pressures might affect these segments?
- Given that peers are significantly increasing their R&D investments in AI, do you believe reallocating existing resources is adequate, or should Apple increase its R&D spending beyond the current 7% to 8% of sales to fully capitalize on AI opportunities?
- Despite your large installed base, services like Apple Music, News, Arcade, and Fitness are not leading in their markets; what strategies do you have to enhance their competitiveness, and is the decision to keep them non-cross-platform limiting their growth potential?
- You've maintained around $50 billion in net cash despite pledges to achieve a net neutral cash position; how do you plan to utilize this cash effectively, and are there more aggressive investment opportunities you're considering instead of increasing shareholder returns?
- Considering economic uncertainties and geopolitical tensions in China, how do you plan to mitigate potential risks in this crucial market, and what impact might these factors have on your future growth strategies there?
Research analysts who have asked questions during Apple earnings calls.
Amit Daryanani
Evercore
4 questions for AAPL
David Vogt
UBS Group AG
4 questions for AAPL
Erik Woodring
Morgan Stanley
4 questions for AAPL
Michael Ng
Goldman Sachs
4 questions for AAPL
Samik Chatterjee
JPMorgan Chase & Co.
4 questions for AAPL
Wamsi Mohan
Bank of America Merrill Lynch
4 questions for AAPL
Atif Malik
Citigroup Inc.
3 questions for AAPL
Benjamin Reitzes
Melius Research
3 questions for AAPL
Richard Kramer
Arete Research
3 questions for AAPL
Sreekrishnan Sankarnarayanan
Wolfe Research, LLC
3 questions for AAPL
Aaron Rakers
Wells Fargo
2 questions for AAPL
Benjamin Bollin
Cleveland Research Company
1 question for AAPL
Ben Reitzes
Melius Research LLC
1 question for AAPL
Krish Sankar
TD Cowen
1 question for AAPL
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Undisclosed | 2022 | Apple completed business acquisitions totaling $306 million in fiscal year 2022; however, no further details on strategic rationale, specific assets, or notable terms were provided. |
Recent press releases and 8-K filings for AAPL.
- ALT5 Sigma holds approximately 7.28 billion $WLFI tokens valued at $1.5 billion, representing about 7.3% of the token’s total supply.
- $WLFI launched on Robinhood on September 25, giving the token exposure to 27.4 million Robinhood users.
- World Liberty Financial plans a WLFI-branded debit card with potential Apple Pay integration for the USD1 stablecoin, which has a circulation of around $2.7 billion.
- Jefferies downgraded Apple to Underperform, citing unrealistic market expectations for the upcoming iPhone 18 foldable replacement cycle.
- The firm set a $205.16 price target, implying roughly 20% downside from current levels.
- Despite the bearish outlook, Apple’s financial health remains robust, with 5.4% revenue growth over three years to $408.63 billion and expanding margins.
- Jefferies warns of a limited addressable market, projecting about 12.5 million foldable iPhone units annually, and notes a broader trend of downgrades driven by muted AI innovation and near-term growth concerns.
- A Pixalate analysis found 99% (1,136 of 1,149) of U.S.-registered, likely child-directed apps on Apple App Store and Google Play lacked required Verifiable Parental Consent (VPC) under COPPA.
- On the Apple App Store, 866 of 877 apps (99%) failed to obtain lawful VPC mechanisms.
- On the Google Play Store, 270 of 272 apps (99%) lacked VPC compliance.
- The report also found 40% of these apps shared device IDs, 42% shared IP addresses, and 34% shared location info in the ad bidstream, with 31% transmitting all three types of personal data.
- Hedge fund manager David Einhorn cautioned that major tech firms’ unprecedented AI infrastructure spending could lead to significant capital destruction and uncertain investor returns.
- Einhorn highlighted Apple’s $500 billion domestic investment plan over the next four years for AI-related infrastructure as part of the broader trend of massive tech spending.
- He noted that companies like Meta and OpenAI are also planning hundreds of billions to trillions in AI infrastructure outlays, questioning the financial payoff of such projects.
- Beyond AI risks, Einhorn pointed to macroeconomic concerns—weak job growth, shrinking workweeks, and stagnant productivity—as indicators of a possible recession and broken market fundamentals.
- Intel has approached Apple about a potential investment to support its foundry and turnaround strategy amid efforts to bolster US semiconductor manufacturing.
- US government holds ~10% stake in Intel acquired in August, with a five-year warrant for an additional 5%, ensuring continued US control over the company.
- Discussions are preliminary and may not result in a deal, but Intel’s shares rose while Apple’s shares dipped following the news.
- Apple’s investment would diversify its chip supply chain and align with US government initiatives, despite its shift to in-house processors and reliance on TSMC.
- Wedbush analyst Dan Ives raised his price target on Apple from $270 to $310, citing iPhone 17 units tracking 10%–15% ahead of last year’s model.
- Launch-day demand was highlighted by around 300 customers queuing at Apple’s Beijing store and strong retail feedback in India, driven by a larger display, improved battery life, and new color options.
- Bank of America lifted its target to $270, noting Apple’s strength in international markets and progress in AI integration despite competitive challenges in China.
- Other firms such as Tigress Financial and Bernstein issued bullish ratings, while DA Davidson and Phillip Securities maintained more cautious views.
- JPMorgan sees moderate demand growth, and Omdia projects an 11% increase in Chinese shipments in H2 2025, contributing to an estimated 5% full-year growth.
- Apple CEO Tim Cook clarified that the $100 price increase on the iPhone 17 Pro is not due to tariffs imposed by the U.S. administration.
- To mitigate tariff impacts, Apple shifted much of its iPhone production from China to India and Vietnam, yet still absorbed an $800 million tariff-related cost in Q2.
- Apple has committed at least $600 billion to U.S. manufacturing and supplier support as part of its broader strategy.
- Apple’s stock maintains a Moderate Buy consensus from 29 analysts, with an average price target implying a 1.45% upside.
- Phillip Securities and D.A. Davidson downgraded Apple following its September 9 product launch, citing incremental upgrades and a weak AI strategy as primary concerns.
- Analysts highlighted the iPhone 17 lineup’s lack of a major Siri overhaul and Apple’s decision to absorb tariffs and higher production costs, potentially compressing margins further.
- Apple’s buy recommendation consensus dropped to 55%, its lowest level since early 2020, lagging peers such as Nvidia, Microsoft, and Amazon.
- Despite rebounding 30% from April lows, Apple’s stock remains down 9% in 2025, underperforming the Nasdaq 100’s 14% gain.
- Apple’s lead AI robotics researcher Jian Zhang, who spent a decade at the company, has departed to join Meta’s Robotics Studio.
- Apple’s Foundation Models team has seen a loss of roughly ten members, including three researchers moving to rivals such as OpenAI and Anthropic, illustrating a broader talent exodus.
- Insiders cite bureaucratic hurdles, strategic uncertainty and a “wreck” in the Siri redevelopment project as contributors to declining morale in Apple’s AI division.
- Following news of the departures, Apple shares dipped 1.5% to $228.77, highlighting investor concerns over its competitive position in AI.
- Goldman Sachs expects Apple to announce new, thinner iPhone 17 models on September 9 with a $50 price increase.
- Jim Cramer views the upcoming iPhone 17 as a buy, suggesting sellers who exited around $180 may have underestimated Apple’s pipeline.
- Reports note Apple is making a renewed push into radio services after losing share to Spotify since 2020.
- Cramer anticipates Apple’s AI strategy will soon improve Siri’s performance, addressing current shortcomings.