<p><strong>苹果</strong>(AAPL 2.22%) 进入了一个艰难时期。过去 12 个月，该智能手机和计算机巨头的股价下跌了约 10%，而人工智能（AI）股票却在飙升。</p>
<p>管理层在虚拟现实方面犯了一些重大错误，并对其 Siri 和 Apple Intelligence 服务做出了虚假的承诺。收入增长缓慢，创新似乎缺乏，这个历史悠久的科技品牌面临挑战。</p>
<p>苹果是否陷入困境？以下是投资者应该对持有该股票感到担忧的原因。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjIxMjQvYmVhci5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="524" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjIxMjQvYmVhci5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>虚拟现实的破灭雄心</h2>
<p>在 2024 年初，苹果发布了 Vision Pro，这是一款昂贵的虚拟现实头戴设备，苹果承诺这是计算的下一个进化。该设备售价为 3500 美元，外观像未来派的滑雪护目镜，旨在取代在家工作的人们的个人电脑。苹果多年来一直在研究虚拟和增强现实技术，但这是其首次大规模进军前沿计算领域。</p>
<p>现在到了 2025 年 6 月，苹果 Vision Pro 看起来完全失败。由于需求疲软，公司不得不缩减生产，未能吸引开发者为该设备开发应用，自发布以来销量不足 100 万台（据报道）。即使每年销售 100 万台，这也仅相当于 35 亿美元的年收入，而苹果的合并收入为 4000 亿美元。该设备在财务上不会产生显著影响。</p>
<p>Vision Pro 可以正式称为失败。新版本可能会改变消费者的看法，但苹果在虚拟现实领域的首次尝试已经失败。该公司仍然依赖于 iPhone 及其软件和服务。</p>
<h2>Apple Intelligence 发生了什么？</h2>
<p>说到智能手机，苹果向客户和投资者承诺，新的以 AI 为中心的更新将很快推出到苹果设备上。看涨的投资者认为这将是客户升级 iPhone 的理由，而这一直是公司面临的一个棘手问题，因为客户在更长时间内坚持使用旧设备。</p>
<p>与 Vision Pro 一样，苹果在 Siri 和 Apple Intelligence 产品的升级上也大肆宣传。然而，实际发布的产品却乏善可陈。</p>
<p>在其年度开发者大会上，公司将 AI Siri 的发布推迟到明年初。同时，AI 竞争对手，如 <strong>Alphabet</strong> 和 OpenAI，正在推进前沿的生产力工具，苹果则被甩在了后面。</p>
<p>苹果在与这些 AI 工具的关系中确实拥有一些权力，这将有助于将这些工具引入其设备，但看起来它在 AI 方面错过了机会，就像它在云计算方面一样。这就是为什么苹果在过去几年中收入几乎没有增长，而其他科技领袖，如 Alphabet，持续攀升至新高的原因。</p>
<p>苹果的业务仍然围绕 iPhone 及其相关软件服务展开。这种情况还将持续一段时间。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/593c95c9d7e5e3327f4681ceb0ee0fa0.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="456" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/593c95c9d7e5e3327f4681ceb0ee0fa0.png"/></p>
<p>AAPL 市盈率（P/E）数据来自 YCharts。</p>
<h2>昂贵的股价</h2>
<p>苹果的市盈率并不便宜，以反映这种停滞的增长。苹果的市盈率（P/E）为 31，而 Alphabet 的市盈率不到 20。这使得苹果股票在目前显得格外风险。如果盈利增长没有加速，苹果在未来几年将是一只令人失望的股票。</p>
<p>有传言称，未来几年苹果的盈利可能会进入负增长领域。其在 App Store 销售上的高利润费用正面临威胁，因为美国法院裁定苹果必须允许替代支付方式。每年从谷歌搜索获得的巨额费用，以成为苹果设备的默认搜索引擎，目前正在法院决定是否可能存在反竞争行为。如果法院对苹果作出不利判决，可能意味着每年损失超过 200 亿美元的高利润收入。</p>
<p>风险不断增加，创新停滞，市盈率高。因此，投资者可能会发现今天没有任何值得喜欢的苹果股票，因为该公司可能面临困境。现在避免将其纳入你的投资组合。</p>

苹果

2 倍做多 AAPL ETF - GraniteShares

苹果每日 1 倍做空 ETF - Direxion

苹果每日 2 倍做多 ETF - Direxion

AAPX

AAPY

APLY

<p>苹果的股票面临挑战，过去一年下跌了 10%，因为它在收入增长和创新方面遇到困难。Vision Pro 虚拟现实头戴设备表现不佳，需求疲软，销量不足 100 万台。对 Siri 的承诺的人工智能更新被推迟，使得苹果在竞争中落后于 Alphabet 和 OpenAI。由于市盈率高达 31，并且面临法律挑战可能带来的收入损失，投资者被建议对持有苹果股票保持谨慎，因为公司可能面临困境</p>

<p><strong>Apple</strong>(AAPL 2.22%) has entered a rough patch. The smartphone and computer giant is down around 10% in the last 12 months, while artificial intelligence (AI) stocks are soaring.</p>
<div class="lb-trans"><p><strong>苹果</strong>(AAPL 2.22%) 进入了一个艰难时期。过去 12 个月，该智能手机和计算机巨头的股价下跌了约 10%，而人工智能（AI）股票却在飙升。</p>
</div><p>Management has made some major missteps in virtual reality and false promises with its Siri and Apple Intelligence services. Revenue is growing slowly, and innovation seems to be lacking for this storied technology brand.</p>
<div class="lb-trans"><p>管理层在虚拟现实方面犯了一些重大错误，并对其 Siri 和 Apple Intelligence 服务做出了虚假的承诺。收入增长缓慢，创新似乎缺乏，这个历史悠久的科技品牌面临挑战。</p>
</div><p>Is Apple in trouble? Here's why investors should be concerned about owning shares of this stock.</p>
<div class="lb-trans"><p>苹果是否陷入困境？以下是投资者应该对持有该股票感到担忧的原因。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjIxMjQvYmVhci5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F822124%2Fbear.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>Busted ambitions in virtual reality</h2>
<div class="lb-trans"><h2>虚拟现实的破灭雄心</h2>
</div><p>Back in early 2024, Apple released the Vision Pro, an expensive virtual reality headset that it promised was the next evolution in computing. The device sold for $3,500 and had a futuristic ski-goggle look and aimed to replace the personal computer for people working at home. Apple has been researching virtual and augmented reality technologies for years, but this was its first large foray into the cutting-edge computing space.</p>
<div class="lb-trans"><p>在 2024 年初，苹果发布了 Vision Pro，这是一款昂贵的虚拟现实头戴设备，苹果承诺这是计算的下一个进化。该设备售价为 3500 美元，外观像未来派的滑雪护目镜，旨在取代在家工作的人们的个人电脑。苹果多年来一直在研究虚拟和增强现实技术，但这是其首次大规模进军前沿计算领域。</p>
</div><p>Now in June 2025, the Apple Vision Pro looks like a total flop. The company had to scale back production because of weak demand, failed to attract developers to make applications for the device, and has sold fewer than 1 million devices (reportedly) since its launch. Even if it sold 1 million of these devices a year, that equates to $3.5 billion in annual revenue, compared to $400 billion in consolidated revenue for Apple. The device isn't going to move the needle financially.</p>
<div class="lb-trans"><p>现在到了 2025 年 6 月，苹果 Vision Pro 看起来完全失败。由于需求疲软，公司不得不缩减生产，未能吸引开发者为该设备开发应用，自发布以来销量不足 100 万台（据报道）。即使每年销售 100 万台，这也仅相当于 35 亿美元的年收入，而苹果的合并收入为 4000 亿美元。该设备在财务上不会产生显著影响。</p>
</div><p>The Vision Pro can officially be called a flop. New versions may change consumer sentiment, but Apple has failed in its first foray into the virtual reality space. This company is still being driven by the iPhone and iPhone software and services.</p>
<div class="lb-trans"><p>Vision Pro 可以正式称为失败。新版本可能会改变消费者的看法，但苹果在虚拟现实领域的首次尝试已经失败。该公司仍然依赖于 iPhone 及其软件和服务。</p>
</div><h2>What happened to Apple Intelligence?</h2>
<div class="lb-trans"><h2>Apple Intelligence 发生了什么？</h2>
</div><p>Speaking of smartphones, Apple has promised customers and investors that new AI-focused updates will be coming to Apple devices shortly. Bullish investors see this as a reason for customers to upgrade their iPhones, which has been a nagging issue for the company, as customers are sticking with older devices for longer.</p>
<div class="lb-trans"><p>说到智能手机，苹果向客户和投资者承诺，新的以 AI 为中心的更新将很快推出到苹果设备上。看涨的投资者认为这将是客户升级 iPhone 的理由，而这一直是公司面临的一个棘手问题，因为客户在更长时间内坚持使用旧设备。</p>
</div><p>As with the Vision Pro, Apple talked a big game around upgrades for Siri and Apple Intelligence products. However, the actual products released have been lackluster.</p>
<div class="lb-trans"><p>与 Vision Pro 一样，苹果在 Siri 和 Apple Intelligence 产品的升级上也大肆宣传。然而，实际发布的产品却乏善可陈。</p>
</div><p>At its annual developer conference, the company delayed the launch of AI Siri to early next year. At the same time, AI competitors, such as <strong>Alphabet</strong> and OpenAI, are pushing forward with cutting-edge productivity tools, leaving Apple in the dust.</p>
<div class="lb-trans"><p>在其年度开发者大会上，公司将 AI Siri 的发布推迟到明年初。同时，AI 竞争对手，如 <strong>Alphabet</strong> 和 OpenAI，正在推进前沿的生产力工具，苹果则被甩在了后面。</p>
</div><p>Apple does have some power in the relationship that will help get these AI tools onto its devices, but it looks like it missed the boat on AI, just as it missed the boat on cloud computing. This is why Apple's revenue has barely grown in the last few years, while the other technology leaders, like Alphabet, keep compounding to new heights.</p>
<div class="lb-trans"><p>苹果在与这些 AI 工具的关系中确实拥有一些权力，这将有助于将这些工具引入其设备，但看起来它在 AI 方面错过了机会，就像它在云计算方面一样。这就是为什么苹果在过去几年中收入几乎没有增长，而其他科技领袖，如 Alphabet，持续攀升至新高的原因。</p>
</div><p>Apple's business is still about the iPhone and its related software services. It will be for some time.</p>
<div class="lb-trans"><p>苹果的业务仍然围绕 iPhone 及其相关软件服务展开。这种情况还将持续一段时间。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/593c95c9d7e5e3327f4681ceb0ee0fa0.png" alt="" original-src="https://media.ycharts.com/charts/593c95c9d7e5e3327f4681ceb0ee0fa0.png"/></p>
<p>AAPL Price-to-Earnings Ratio (P/E) data by YCharts.</p>
<div class="lb-trans"><p>AAPL 市盈率（P/E）数据来自 YCharts。</p>
</div><h2>Expensive stock price</h2>
<div class="lb-trans"><h2>昂贵的股价</h2>
</div><p>It's not like Apple trades at a cheap earnings ratio to reflect this stagnant growth. Apple has a price-to-earnings ratio (P/E) of 31, compared to Alphabet's, which is less than 20. This makes Apple stock extra risky at the moment. If earnings growth doesn't accelerate, Apple will be a disappointing stock to own over the next few years.</p>
<div class="lb-trans"><p>苹果的市盈率并不便宜，以反映这种停滞的增长。苹果的市盈率（P/E）为 31，而 Alphabet 的市盈率不到 20。这使得苹果股票在目前显得格外风险。如果盈利增长没有加速，苹果在未来几年将是一只令人失望的股票。</p>
</div><p>There are rumblings that could take Apple's earnings into negative territory over the next few years, too. Its high-margin fees on App Store sales are under threat as the United States courts ruled it had to allow alternative payment methods. The huge fee it gets from Google Search every year to be the default search engine on Apple devices is currently being decided by the courts as possibly anticompetitive. A verdict against Apple may mean the loss of more than $20 billion in high-margin revenue from this default payment every year.</p>
<div class="lb-trans"><p>有传言称，未来几年苹果的盈利可能会进入负增长领域。其在 App Store 销售上的高利润费用正面临威胁，因为美国法院裁定苹果必须允许替代支付方式。每年从谷歌搜索获得的巨额费用，以成为苹果设备的默认搜索引擎，目前正在法院决定是否可能存在反竞争行为。如果法院对苹果作出不利判决，可能意味着每年损失超过 200 亿美元的高利润收入。</p>
</div><p>Risks are piling up, innovation is stalling, and its P/E ratio is high. Therefore, investors may fail to find anything to like about Apple stock today as the company may be in trouble. Avoid buying it for your portfolio right now.</p>
<div class="lb-trans"><p>风险不断增加，创新停滞，市盈率高。因此，投资者可能会发现今天没有任何值得喜欢的苹果股票，因为该公司可能面临困境。现在避免将其纳入你的投资组合。</p>
</div>

Is Apple Stock In Trouble?

- 苹果公司在过去一年下跌约 10%，面临创新不足和管理失误。  
- Vision Pro 虚拟现实设备销量不佳，未能吸引开发者，生产被迫缩减。  
- 苹果的高市盈率和潜在的收入损失使其股票风险加大，投资者应谨慎。  

苹果的股票是否陷入困境？