🍏 AAPL just reported its Q4 earnings: 💰 Revenue: $114.48 billion vs. $113.46 billion, expected 🪙 EPS: $2.10 vs. $2.00, expected 📱 iPhone sales: $57.58 billion vs. $56.48, expected 💻 Services: $31.57 billion vs. $31.58 billion, expected

Apple (AAPL) research summary • iPhone 18 Pro/Pro Max pre-order wait times look lukewarm
• 3-4 weeks for most 256/512GB Pro Max + Burgundy 1TB (US)
• Faster: 1-2 weeks Black/Glacier 1TB, immediate for many Silver 1TB & 2TB + most Pro configs • Limited upgrades + higher pricing (esp. high storage) + Duo competition + weight criticism • iPhone Duo early feedback positive: smooth fold, strong inner display, better iOS 27 multitasking
• Trade-offs: heavier/thicker, visible crease, dual camera only • cutting Duo 2026 build plan 7m → 6m units due to hinge 
• cutting iPhone 18 Pro/Pro Max build plan to 72m on adjustable-aperture camera constraints • Maintain Hold
 #AAPL# #iPhone#

Premarket movers Apple (AAPL) outperforms the group during the AI selloff (AAPL +0.8%, Microsoft -0.5%, Alphabet -0.8%, Meta Platforms -1%, Tesla -1.4%, Amazon -1.8%, Nvidia -1.6%) Chipmakers and other AI-related firms slide after Anthropic disclosed third-quarter revenue that likely slowed from the previous quarter. Among notable movers: CoreWeave (CRWV) -3%, Dell (DELL) -4%, Micron (MU) -4%, Intel (INTC) -3%, Marvell (MRVL) -4%, AMD (AMD) -3%, Broadcom (AVGO) -2% AngloGold Ashanti (AU) rises 3% after Goldman Sachs initiated coverage at buy, citing increased central-bank purchases that should support gold prices. Gold is also higher on Thursday morning. Cirrus Logic (CRUS) slips 2% after being downgraded to sector weight at KeyBanc, which sees a weak outlook for the Apple supplier. FMC Corp. (FMC) sinks 27% after the agricultural chemicals firm cut its third quarter outlook. Fortrea Holdings (FTRE) gains 3% after Deutsche Bank upgraded the health services firm to buy, citing potential for revenue growth and margin expansion. Kimberly-Clark (KMB) climbs 3% after the household products company reported preliminary net sales for the third quarter that met the average analyst estimate. Penske Automotive Group (PAG) climbs 8% after entering a deal to be taken private for $212 per share in cash by Penske Corp. and Mitsui. Quantinuum (QNT) rises 3% as Morgan Stanley upgrades to overweight, saying the stock offers the most attractive valuation among peers. Rocket Lab (RKLB) falls 11% after adjusting the target launch timing for its Neutron medium-lift rocket, with the vehicle’s inaugural launch now expected to occur in 2027. Walmart (WMT) gains 2.8% after Deutsche Bank upgraded the retailer to buy, citing a favorable setup into 2027.

Earnings Note - AAPL Downgrade from Buy to Hold: * Valuation looks full after a 19% outperformance vs. Nasdaq in the past month; upside appears limited. * F3Q26 beat, F4Q26 guide softer: Revenue $109.4B (+16% YoY) and EPS $2.03 (+30% YoY) topped expectations, but F4Q revenue growth guidance of 9–11% YoY and 47–48% GM came in slightly below consensus. * iPhone remains the growth driver: iPhone revenue grew 22% YoY, Mac +29% YoY, while iPad and Services were softer than expected. * Apple expects broader Apple Intelligence rollout this fall alongside new OS releases and Siri AI enhancements. * iPhone 18 Pro demand risk: Higher 2nm silicon and DRAM/NAND costs could drive a $250–300 price hike for iPhone 18 Pro/PM, creating demand uncertainty despite resilient iPhone 17 builds. iPhone 18 Pro/PM suggests limited spec upgrade for consumers. * Still constructive on Fold: Expect the iPhone Fold (~7M units) to support the 2H26 product cycle, but remain cautious on mainstream iPhone 18 Pro demand due to limited hardware upgrades. #AAPL#