<p>现在是华尔街看涨的好时机。截止到 2025 年 1 月 24 日，成熟的股票驱动的 <strong>道琼斯工业平均指数</strong>、广泛基础的 <strong>标准普尔 500 指数</strong> 和以增长为导向的 <strong>纳斯达克综合指数</strong> 分别上涨了 34%、59% 和 91%。</p>
<p>投资者并没有缺乏催化剂，通货膨胀率的减缓、超出预期的企业盈利以及唐纳德·特朗普重返白宫都帮助提升了股市。但在推动这波牛市反弹的因素中，人工智能（AI）的崛起位居首位。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDUzNDQvYWFwbC1pcGhvbmUteHIucG5nJnc9NzAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDUzNDQvYWFwbC1pcGhvbmUteHIucG5nJnc9NzAw"/></p>
<p>图片来源：苹果。</p>
<p>尽管华尔街许多最具影响力的企业依赖人工智能来推动其增长，但华尔街最大的企业之一，科技巨头 <strong>苹果</strong>（AAPL 3.65%），却将 7250 亿美元用于其他领域以提升其利润。</p>
<h2>苹果是华尔街最大的企业之一，原因在于此（人工智能也是其中一部分）</h2>
<p>苹果是第一家市值超过 3 万亿美元的上市公司，截至上周末，仅次于 <strong>英伟达</strong>，成为第二大公司。多年来，苹果始终引领华尔街走高——它的成功并非偶然。</p>
<p>首先，iPhone 是国内首屈一指的智能手机。自 2020 年第四季度推出首款支持 5G 的 iPhone 以来，苹果在国内智能手机销售中的市场份额一直保持在 50% 或更高。无线网络的持续升级以支持 5G 下载速度，导致该公司 iPhone 的需求相对稳定。</p>
<p>苹果的创新也在将其市值推高至超过 3 万亿美元方面发挥了关键作用。这些创新包括物理产品，如 iPhone、iPad 和 Apple Watch，以及其持续转型为平台公司的过程。</p>
<p>多年来，首席执行官蒂姆·库克一直在推动订阅服务的发展。通过专注于订阅，苹果有机会提升其运营利润率，改善其已经令人印象深刻的客户忠诚度，并平滑通常伴随主要 iPhone 升级周期而来的收入波动。苹果的服务部门一直以两位数的百分比持续增长，现在约占公司净销售额的四分之一。</p>
<p>与大多数科技股一样，苹果在人工智能上进行了大规模投资，以推动其收入和利润的增长。去年，该公司推出了 Apple Intelligence，这是其针对 iPhone、iPad 和 Mac 的人工智能驱动的个人智能模型。Apple Intelligence 可以完成从撰写和总结文本到为用户创建图像的所有任务。</p>
<p>最后，苹果的资产负债表现金充裕，这使其能够积极投资于未来。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDUzNDQvcGFwZXItY2VydGlmaWNhdGUtc2hhcmVzLWludmVzdC1zdG9jay1zcGxpdC1tYXJrZXQtcmV2ZXJzZS1nZXR0eS5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDUzNDQvcGFwZXItY2VydGlmaWNhdGUtc2hhcmVzLWludmVzdC1zdG9jay1zcGxpdC1tYXJrZXQtcmV2ZXJzZS1nZXR0eS5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>这 7250 亿美元的投资对苹果的利润增长至关重要</h2>
<p>虽然这些因素的结合帮助苹果成为今天的公司，但可以说，推动苹果每股收益（EPS）增长的最大驱动力尚未提及。我所说的是苹果最大的单一投资：股票回购。</p>
<p>2013 年，苹果董事会启动了一项股票回购计划，迅速成为投资界的羡慕对象。以下是苹果在过去 11 个财政年度（其财政年度通常在 9 月底结束）中的回购活动概述：</p>
<ul>
<li><strong>2013</strong>：229.5 亿美元回购</li>
<li><strong>2014</strong>：450 亿美元</li>
<li><strong>2015</strong>：352.53 亿美元</li>
<li><strong>2016</strong>：297.22 亿美元</li>
<li><strong>2017</strong>：329 亿美元</li>
<li><strong>2018</strong>：727.38 亿美元</li>
<li><strong>2019</strong>：668.97 亿美元</li>
<li><strong>2020</strong>：723.58 亿美元</li>
<li><strong>2021</strong>：859.71 亿美元</li>
<li><strong>2022</strong>：894.02 亿美元</li>
<li><strong>2023</strong>：775.5 亿美元</li>
<li><strong>2024</strong>：949.49 亿美元</li>
</ul>
<p>总的来说，苹果在 11 年内回购了 7256.9 亿美元的股票，并在此过程中将其流通股数量减少了近 43%。为了提供一些背景，苹果在 2024 财政年度报告的每股收益为 6.08 美元，如果董事会没有授权任何股票回购，这一数字将仅为 3.47 美元。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/66c837934e6e2ee0799943b0e7148963.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/66c837934e6e2ee0799943b0e7148963.png"/></p>
<p>AAPL 流通股数据来源于 YCharts。</p>
<p>持续的股票回购计划为苹果服务了多个目的。首先，如前所述，它减少了公司的流通股数量，这可以提高每股收益，并使公司的股票在基本面上对投资者更具吸引力。</p>
<p>其次，回购计划往往会激励长期投资。当一家公司的流通股数量随着时间的推移显著减少时，投资者的持股比例会逐渐增加。当投资者买入并持有时，通常会减少股价波动，这也可以使股票对投资者更具吸引力。</p>
<p>第三，回购暗示苹果的内部人士（董事会和管理团队）相信他们公司的股票仍然被低估。</p>
<h2>即使是苹果世界领先的回购计划也无法掩盖这些问题</h2>
<p>苹果的资产负债表上有更多现金，超出了它知道如何使用的程度（并且是从其运营中产生的），这项世界领先的回购计划没有尽头。</p>
<p>但仅仅因为苹果以惊人的速度回购其股票，并不一定意味着其股票具有良好的价值。亿万富翁沃伦·巴菲特在过去一年（截至 9 月 30 日）出售了 <strong>伯克希尔哈撒韦</strong> 在其最大持股苹果中的 67% 的股份——这背后有两个很好的理由。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/d52a65c2f4185609c2d691322bc0780b.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/d52a65c2f4185609c2d691322bc0780b.png"/></p>
<p>AAPL 收入（年度）数据来源于 YCharts。</p>
<p>首先，苹果的实体产品销售已经停滞了两年。尽管 iPhone 仍然是美国最畅销的智能手机，但 iPhone、iPad、Mac 和其他可穿戴设备的销售停滞表明，消费者对该公司的实体产品的惊艳程度不再像过去那样。尽管将苹果智能技术融入 iPhone、iPad 和 Mac 可能会扭转这种局面，但即使是历史高位的通货膨胀也未能帮助苹果在 2023 财年提升其实体产品线的销售。</p>
<p>另一个显著的担忧是，苹果的股票历史上一直价格昂贵。尽管进行了积极的股票回购，苹果最近的市盈率（P/E）超过了 42，这是 17 年来未曾见过的水平。股市本身在估值方面也在不断突破，而苹果的溢价则更加明显。</p>
<p>尽管苹果的股票回购势头必将持续，但在其当前估值合理之前，公司在实体产品方面还有很多工作要做。</p>

苹果

<p>苹果已经进行了高达 7250 亿美元的重大投资，以推动其增长，主要通过股票回购，这使其流通股减少了近 43%。这一策略显著提升了其每股收益（EPS），2024 财年的每股收益报告为 6.08 美元，而没有回购时为 3.47 美元。尽管整体市场依赖人工智能实现增长，苹果在创新方面的专注，特别是在其 iPhone 和订阅服务上，加上强劲的资产负债表，巩固了其作为领先科技巨头的地位</p>

<p>It's a good time to be a bull on Wall Street. Since the start of 2023, the mature stock-driven <strong>Dow Jones Industrial Average</strong>, broad-based <strong>S&amp;P 500</strong>, and growth-inspired <strong>Nasdaq Composite</strong> have respectively soared by 34%, 59%, and 91%, as of the closing bell on Jan. 24, 2025.</p>
<div class="lb-trans"><p>现在是华尔街看涨的好时机。截止到 2025 年 1 月 24 日，成熟的股票驱动的 <strong>道琼斯工业平均指数</strong>、广泛基础的 <strong>标准普尔 500 指数</strong> 和以增长为导向的 <strong>纳斯达克综合指数</strong> 分别上涨了 34%、59% 和 91%。</p>
</div><p>Investors haven't hurt for catalysts, with a softening in the prevailing rate of inflation, better-than-expected corporate earnings, and Donald Trump's return to the White House helping to lift equities. But topping the list of factors that have sparked this bull market rally is the ascension of artificial intelligence (AI).</p>
<div class="lb-trans"><p>投资者并没有缺乏催化剂，通货膨胀率的减缓、超出预期的企业盈利以及唐纳德·特朗普重返白宫都帮助提升了股市。但在推动这波牛市反弹的因素中，人工智能（AI）的崛起位居首位。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDUzNDQvYWFwbC1pcGhvbmUteHIucG5nJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F805344%2Faapl-iphone-xr.png&amp;op=resize&amp;w=700"/></p>
<p>Image source: Apple.</p>
<div class="lb-trans"><p>图片来源：苹果。</p>
</div><p>Although many of Wall Street's most-influential businesses have leaned on AI as a way to fuel their growth, one of Wall Street's biggest businesses, tech giant <strong>Apple</strong>(AAPL 3.65%), has put $725 billion to work elsewhere to boost its bottom line.</p>
<div class="lb-trans"><p>尽管华尔街许多最具影响力的企业依赖人工智能来推动其增长，但华尔街最大的企业之一，科技巨头 <strong>苹果</strong>（AAPL 3.65%），却将 7250 亿美元用于其他领域以提升其利润。</p>
</div><h2>Apple is one of Wall Street's largest businesses for a reason (and AI is part of it)</h2>
<div class="lb-trans"><h2>苹果是华尔街最大的企业之一，原因在于此（人工智能也是其中一部分）</h2>
</div><p>Apple was the very first public company to top $3 trillion in market value, and as of this past weekend was the second-largest company, behind only <strong>Nvidia</strong>. Apple has consistently led Wall Street higher for years -- and its success is no accident.</p>
<div class="lb-trans"><p>苹果是第一家市值超过 3 万亿美元的上市公司，截至上周末，仅次于 <strong>英伟达</strong>，成为第二大公司。多年来，苹果始终引领华尔街走高——它的成功并非偶然。</p>
</div><p>For starters, the iPhone is the premier smartphone domestically. Since rolling out the first 5G-capable iPhone during the fourth quarter of 2020, Apple's share of domestic smartphone sales has been 50% or higher. The ongoing upgrade of wireless networks to support 5G download speeds has led to relatively consistent demand for the company's iPhone.</p>
<div class="lb-trans"><p>首先，iPhone 是国内首屈一指的智能手机。自 2020 年第四季度推出首款支持 5G 的 iPhone 以来，苹果在国内智能手机销售中的市场份额一直保持在 50% 或更高。无线网络的持续升级以支持 5G 下载速度，导致该公司 iPhone 的需求相对稳定。</p>
</div><p>Apple's innovation has also played a key role in sending its market cap to north of $3 trillion. This innovation includes physical products, such as the iPhone, iPad, and Apple Watch, as well as its ongoing transformation into a platforms company.</p>
<div class="lb-trans"><p>苹果的创新也在将其市值推高至超过 3 万亿美元方面发挥了关键作用。这些创新包括物理产品，如 iPhone、iPad 和 Apple Watch，以及其持续转型为平台公司的过程。</p>
</div><p>For years, CEO Tim Cook has overseen the push to promote subscription services. By focusing on subscriptions, Apple has an opportunity to lift its operating margin, improve its already impressive customer loyalty, and smooth out the revenue peaks and valleys that often accompany major iPhone upgrade cycles. Apple's Services segment has been consistently growing by a double-digit percentage and now accounts for around a quarter of the company's net sales.</p>
<div class="lb-trans"><p>多年来，首席执行官蒂姆·库克一直在推动订阅服务的发展。通过专注于订阅，苹果有机会提升其运营利润率，改善其已经令人印象深刻的客户忠诚度，并平滑通常伴随主要 iPhone 升级周期而来的收入波动。苹果的服务部门一直以两位数的百分比持续增长，现在约占公司净销售额的四分之一。</p>
</div><p>Like most tech stocks, Apple is betting big on AI to power its top-and-bottom-line growth. Last year, the company introduced Apple Intelligence, which is its AI-driven personal intelligence model for iPhone, iPad, and Mac. Apple Intelligence can do everything from write and summarize text to create images for users.</p>
<div class="lb-trans"><p>与大多数科技股一样，苹果在人工智能上进行了大规模投资，以推动其收入和利润的增长。去年，该公司推出了 Apple Intelligence，这是其针对 iPhone、iPad 和 Mac 的人工智能驱动的个人智能模型。Apple Intelligence 可以完成从撰写和总结文本到为用户创建图像的所有任务。</p>
</div><p>Lastly, Apple's balance sheet is cash rich, which allows it to aggressively invest in its future.</p>
<div class="lb-trans"><p>最后，苹果的资产负债表现金充裕，这使其能够积极投资于未来。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDUzNDQvcGFwZXItY2VydGlmaWNhdGUtc2hhcmVzLWludmVzdC1zdG9jay1zcGxpdC1tYXJrZXQtcmV2ZXJzZS1nZXR0eS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F805344%2Fpaper-certificate-shares-invest-stock-split-market-reverse-getty.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>This $725 billion investment has been crucial to Apple's profit growth</h2>
<div class="lb-trans"><h2>这 7250 亿美元的投资对苹果的利润增长至关重要</h2>
</div><p>While this confluence of factors has helped Apple become the company it is today, arguably the greatest driver of Apple's growth in earnings per share (EPS) hasn't been mentioned yet. I'm talking about Apple's single greatest investment: stock repurchases.</p>
<div class="lb-trans"><p>虽然这些因素的结合帮助苹果成为今天的公司，但可以说，推动苹果每股收益（EPS）增长的最大驱动力尚未提及。我所说的是苹果最大的单一投资：股票回购。</p>
</div><p>In 2013, Apple's board kicked off a share buyback program that quickly became the envy of the investing word. Here's a breakdown of Apple's repurchasing activity in each of its last 11 fiscal years (its fiscal year typically ends in late September):</p>
<div class="lb-trans"><p>2013 年，苹果董事会启动了一项股票回购计划，迅速成为投资界的羡慕对象。以下是苹果在过去 11 个财政年度（其财政年度通常在 9 月底结束）中的回购活动概述：</p>
</div><ul>
<li><strong>2013</strong>: $22.95 billion in buybacks</li>
<li><strong>2014</strong>: $45 billion</li>
<li><strong>2015</strong>: $35.253 billion</li>
<li><strong>2016</strong>: $29.722 billion</li>
<li><strong>2017</strong>: $32.9 billion</li>
<li><strong>2018</strong>: $72.738 billion</li>
<li><strong>2019</strong>: $66.897 billion</li>
<li><strong>2020</strong>: $72.358 billion</li>
<li><strong>2021</strong>: $85.971 billion</li>
<li><strong>2022</strong>: $89.402 billion</li>
<li><strong>2023</strong>: $77.55 billion</li>
<li><strong>2024</strong>: $94.949 billion</li>
</ul>
<div class="lb-trans"><ul>
<li><strong>2013</strong>：229.5 亿美元回购</li>
<li><strong>2014</strong>：450 亿美元</li>
<li><strong>2015</strong>：352.53 亿美元</li>
<li><strong>2016</strong>：297.22 亿美元</li>
<li><strong>2017</strong>：329 亿美元</li>
<li><strong>2018</strong>：727.38 亿美元</li>
<li><strong>2019</strong>：668.97 亿美元</li>
<li><strong>2020</strong>：723.58 亿美元</li>
<li><strong>2021</strong>：859.71 亿美元</li>
<li><strong>2022</strong>：894.02 亿美元</li>
<li><strong>2023</strong>：775.5 亿美元</li>
<li><strong>2024</strong>：949.49 亿美元</li>
</ul>
</div><p>Collectively, Apple has bought back $725.69 billion of its shares spanning 11 years and reduced its outstanding share count by almost 43% in the process. To put this into some context, the $6.08 in EPS Apple reported in fiscal 2024 would have equated to just $3.47 in EPS if the board hadn't authorized any share buybacks.</p>
<div class="lb-trans"><p>总的来说，苹果在 11 年内回购了 7256.9 亿美元的股票，并在此过程中将其流通股数量减少了近 43%。为了提供一些背景，苹果在 2024 财政年度报告的每股收益为 6.08 美元，如果董事会没有授权任何股票回购，这一数字将仅为 3.47 美元。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/66c837934e6e2ee0799943b0e7148963.png" alt="" original-src="https://media.ycharts.com/charts/66c837934e6e2ee0799943b0e7148963.png"/></p>
<p>AAPL Shares Outstanding data by YCharts.</p>
<div class="lb-trans"><p>AAPL 流通股数据来源于 YCharts。</p>
</div><p>An ongoing share repurchase program serves a number of purposes for Apple. For one, as noted, it reduces the company's outstanding share count, which can increase EPS and make the company's stock more fundamentally attractive to investors.</p>
<div class="lb-trans"><p>持续的股票回购计划为苹果服务了多个目的。首先，如前所述，它减少了公司的流通股数量，这可以提高每股收益，并使公司的股票在基本面上对投资者更具吸引力。</p>
</div><p>Secondly, buyback programs tend to incentivize long-term investing. When a company's outstanding share count declines by a considerable amount over time, it incrementally increases the ownership stakes of investors. When investors buy and hold, it typically reduces share price volatility, which can also make a stock more attractive to investors.</p>
<div class="lb-trans"><p>其次，回购计划往往会激励长期投资。当一家公司的流通股数量随着时间的推移显著减少时，投资者的持股比例会逐渐增加。当投资者买入并持有时，通常会减少股价波动，这也可以使股票对投资者更具吸引力。</p>
</div><p>And third, buybacks intimate that Apple's insiders (the board and management team) believe shares of their company remain attractively valued.</p>
<div class="lb-trans"><p>第三，回购暗示苹果的内部人士（董事会和管理团队）相信他们公司的股票仍然被低估。</p>
</div><h2>Not even Apple's world-leading buyback program can mask these issues</h2>
<div class="lb-trans"><h2>即使是苹果世界领先的回购计划也无法掩盖这些问题</h2>
</div><p>With more cash than Apple knows what to do with on its balance sheet (and generated from its operations), there's no end in sight to this world-leading buyback program.</p>
<div class="lb-trans"><p>苹果的资产负债表上有更多现金，超出了它知道如何使用的程度（并且是从其运营中产生的），这项世界领先的回购计划没有尽头。</p>
</div><p>But just because Apple is buying back its shares at a breakneck pace, it doesn't necessarily mean its stock is a good value. Billionaire Warren Buffett has sold 67% of <strong>Berkshire Hathaway</strong>'s stake in its top holding, Apple, over the trailing year (ended Sept. 30) -- and there are two good reasons why this selling is likely taking place.</p>
<div class="lb-trans"><p>但仅仅因为苹果以惊人的速度回购其股票，并不一定意味着其股票具有良好的价值。亿万富翁沃伦·巴菲特在过去一年（截至 9 月 30 日）出售了 <strong>伯克希尔哈撒韦</strong> 在其最大持股苹果中的 67% 的股份——这背后有两个很好的理由。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/d52a65c2f4185609c2d691322bc0780b.png" alt="" original-src="https://media.ycharts.com/charts/d52a65c2f4185609c2d691322bc0780b.png"/></p>
<p>AAPL Revenue (Annual) data by YCharts.</p>
<div class="lb-trans"><p>AAPL 收入（年度）数据来源于 YCharts。</p>
</div><p>First off, Apple's physical product sales have stalled out for two years. Even though iPhone remains the top-selling smartphone in the U.S., stagnant sales of iPhone, iPad, Mac, and other wearables suggest consumers aren't being wowed by the company's physical products in the same way they have in the past. Though it's possible the incorporation of Apple Intelligence into iPhone, iPad, and Mac will turn these fortunes around, not even historically high inflation helped Apple grow sales of its physical product lines in fiscal 2023.</p>
<div class="lb-trans"><p>首先，苹果的实体产品销售已经停滞了两年。尽管 iPhone 仍然是美国最畅销的智能手机，但 iPhone、iPad、Mac 和其他可穿戴设备的销售停滞表明，消费者对该公司的实体产品的惊艳程度不再像过去那样。尽管将苹果智能技术融入 iPhone、iPad 和 Mac 可能会扭转这种局面，但即使是历史高位的通货膨胀也未能帮助苹果在 2023 财年提升其实体产品线的销售。</p>
</div><p>The other prominent concern with Apple is that its stock is historically pricey. Despite its aggressive share buybacks, Apple recently hit a price-to-earnings (P/E) ratio of more than 42, which is a level that hasn't been witnessed in 17 years. The stock market is itself pushing the envelope on the valuation front, and Apple's premium is even more pronounced.</p>
<div class="lb-trans"><p>另一个显著的担忧是，苹果的股票历史上一直价格昂贵。尽管进行了积极的股票回购，苹果最近的市盈率（P/E）超过了 42，这是 17 年来未曾见过的水平。股市本身在估值方面也在不断突破，而苹果的溢价则更加明显。</p>
</div><p>Though Apple's share repurchases are bound to continue, there's a lot of work to be done with the company's physical products before its current valuation makes sense.</p>
<div class="lb-trans"><p>尽管苹果的股票回购势头必将持续，但在其当前估值合理之前，公司在实体产品方面还有很多工作要做。</p>
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Apple's $725 Billion Investment Is Fueling Its Growth -- and It Has Nothing to Do With Artificial Intelligence (AI)

- 自 2023 年以来，标普 500 指数上涨 59%，纳斯达克上涨 91%。  
- 苹果公司通过 7250 亿美元的股票回购计划，减少了近 43% 的流通股。  
- 尽管回购持续，苹果的产品销售停滞，市盈率超过 42，面临估值压力。  

苹果的 7250 亿美元投资正在推动其增长——这与人工智能（AI）无关