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#