Apple Stock: Margin Pressure and Valuation Weaken the Bull Case

Apple's stock climbed to a record high of $317.40 earlier this month, driven by resilient iPhone demand and accelerating growth in its high-margin Services business. Although the shares have pulled back, rising component costs, primarily higher memory prices, and Apple’s rich valuation dampen the bull case despite the company's strong operating performance.

Rising Memory Costs Could Pressure Apple’s Margins