Apple just smashed Q2 earnings with $109 billion in revenue, up 16%, driven by iPhone and Mac rebounds—and profits soared too, hitting $2.02 EPS and a 51% gross margin (boosted by tariff refunds). While rivals like Microsoft, Google, and Amazon pour billions into AI infrastructure, Apple’s playing a smarter, cheaper game—focusing on on-device AI and hybrid cloud, not massive data centers. Next quarter, growth slows to 9–11% due to FX and supply chain headwinds, and margins dip to 47–48% (46.5% without tariff help), hit by rising memory costs. R&D? Up 32% to $11B. CEO Tim Cook admits AI could eventually make Apple more capital-heavy, but for now, the cost calculus remains murky.
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