<p>一项引人注目的 6000 亿美元的公告可能刚刚让 <strong>苹果</strong>(AAPL -0.72%) 赢得了白宫的青睐。在经历了数月对关税如何影响在中国或印度制造的 iPhone 成本的担忧后，苹果刚刚预测在未来四年内将在美国增加 1000 亿美元的支出计划，包括对本土半导体的投资。苹果股票在消息发布后上涨超过 10%。</p>
<p>这项新的支出计划是否意味着你应该大量购买苹果股票？这是投资者今天需要理解的大局。</p>
<h2>在四年内增加 1000 亿美元的支出</h2>
<p>上周，苹果声称将在美国投资 6000 亿美元。这是一个庞大的数字，但与其他大型科技公司如 <strong>Alphabet</strong> 的最近公告相比，这个数字有点误导。谷歌的母公司预计今年的资本支出为 850 亿美元，其中大部分将用于人工智能 (AI)。</p>
<p>与此同时，苹果的支出是分四年进行的。最新的增加使年支出增加了 250 亿美元，总额从 5000 亿美元提升至 6000 亿美元。更重要的是，这包括员工薪资、数据中心建设、支付给供应商的资金等各种费用——并不局限于资本支出。如果你像苹果那样广泛计算总支出，其他大型科技同行的支出可能也在这个数量或更多。</p>
<p>这一公告可能使苹果在美国政府中处于良好地位，但这并不是管理层的根本变化。该公司仍然在中国进行大部分制造，这项新的承诺仅代表其先前宣布计划的轻微偏离。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/7acc0938823378c2729e101c1889e077.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="441" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/7acc0938823378c2729e101c1889e077.png"/></p>
<p>数据来源：YCharts。</p>
<h2>改善财务表现</h2>
<p>财务表现和盈利能力是苹果股票的重要因素。上个季度，收入增长达到了自 2022 年以来的最高水平，尽管仍低于 10% 的年增长率。</p>
<p>增长来自其软件服务部门以及 iPhone，这是过去十年业务的关键驱动因素。iPhone 销售显示出强劲增长，但已经出现多个季度的停滞，这应该让投资者感到担忧。这是一款成熟产品，单位销量和升级周期多年来一直在下降。</p>
<p>服务收入持续快速增长，但如果反垄断诉讼结果不利，可能会失去其现金牛谷歌搜索支付。苹果每年从谷歌获得约 200 亿美元，使其成为默认搜索引擎，约占苹果整体运营收入的 15%。如果诉讼结果不利，这一收入可能会在一夜之间消失。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjkwNDMvYW1lcmljYS5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="466" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjkwNDMvYW1lcmljYS5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>苹果股票的大局</h2>
<p>总体而言，苹果宣布的支出计划可能看起来雄心勃勃，但实际上与其长期规划并没有太大变化。它已经在美国投资组件制造，这只是相对而言的适度增加。由于这一原因，股票在本月迄今的 12% 的涨幅可能是短暂的。</p>
<p>但投资者今天应该购买这只股票吗？在 “七大奇迹” 中，苹果是增长最慢的公司，除了 <strong>特斯拉</strong>，后者正面临销售下降。其他公司则在每个季度都实现了稳健的两位数收入增长。尽管增长缓慢，苹果股票的市盈率仍高于其几位同行。其市盈率为 35，显著高于 <strong>标准普尔 500</strong> 和 <strong>纳斯达克 100</strong> 指数。</p>
<p>这让我相信苹果被高估了，尤其是在其最近因 6000 亿美元支出公告而获得的涨幅之后。</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>苹果公司宣布将在未来四年内增加 1000 亿美元的美国支出计划，使其总投资达到 6000 亿美元。此举旨在改善与美国政府的关系，以应对关税问题。尽管在公告发布后股价上涨了 10%，分析师指出，苹果的增长与同行相比仍然缓慢，其市盈率为 35，可能被高估。投资者被提醒注意潜在风险，包括对谷歌搜索引擎收入的依赖，这可能会因持续的反垄断诉讼而受到威胁</p>

<p>A splashy $600 billion announcement may have just gotten <strong>Apple</strong>(AAPL -0.72%) in the White House's good graces. After months of worries over how tariffs will affect costs for iPhones made in China or India, Apple just projected a $100 billion increase in its spending plans over the next four years in the United States, including an investment in homegrown semiconductors. Apple stock shot up over 10% on the news.</p>
<div class="lb-trans"><p>一项引人注目的 6000 亿美元的公告可能刚刚让 <strong>苹果</strong>(AAPL -0.72%) 赢得了白宫的青睐。在经历了数月对关税如何影响在中国或印度制造的 iPhone 成本的担忧后，苹果刚刚预测在未来四年内将在美国增加 1000 亿美元的支出计划，包括对本土半导体的投资。苹果股票在消息发布后上涨超过 10%。</p>
</div><p>Does this new spending plan mean you should load the boat with Apple stock? Here's the big picture that investors need to understand today.</p>
<div class="lb-trans"><p>这项新的支出计划是否意味着你应该大量购买苹果股票？这是投资者今天需要理解的大局。</p>
</div><h2>A $100 billion spending increase .... over four years</h2>
<div class="lb-trans"><h2>在四年内增加 1000 亿美元的支出</h2>
</div><p>Last week, Apple claimed it would spend $600 billion in the United States. This is a large number, but it's also a bit misleading compared to other recent announcements from major tech companies such as <strong>Alphabet</strong>. The parent company of Google is forecasting $85 billion of capital expenditures this year, with much of that going to artificial intelligence (AI).</p>
<div class="lb-trans"><p>上周，苹果声称将在美国投资 6000 亿美元。这是一个庞大的数字，但与其他大型科技公司如 <strong>Alphabet</strong> 的最近公告相比，这个数字有点误导。谷歌的母公司预计今年的资本支出为 850 亿美元，其中大部分将用于人工智能 (AI)。</p>
</div><p>Meanwhile, Apple's spending is over four years. The latest increase adds $25 billion in annual spending, bringing the grand total up from $500 billion to $600 billion. What's more, this includes various expenses such as employee salaries, data center buildouts, money paid to suppliers, and more -- it's not exclusive to capital expenditures. Other big tech peers are likely spending this amount or more if you cast as wide a net Apple does when calculating total spending.</p>
<div class="lb-trans"><p>与此同时，苹果的支出是分四年进行的。最新的增加使年支出增加了 250 亿美元，总额从 5000 亿美元提升至 6000 亿美元。更重要的是，这包括员工薪资、数据中心建设、支付给供应商的资金等各种费用——并不局限于资本支出。如果你像苹果那样广泛计算总支出，其他大型科技同行的支出可能也在这个数量或更多。</p>
</div><p>The announcement may put Apple in good standing with the U.S. government, but it's not a radical change from management. The company is still doing the bulk of its manufacturing in China, and this new commitment only represents a slight deviation from its previously announced plans.</p>
<div class="lb-trans"><p>这一公告可能使苹果在美国政府中处于良好地位，但这并不是管理层的根本变化。该公司仍然在中国进行大部分制造，这项新的承诺仅代表其先前宣布计划的轻微偏离。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/7acc0938823378c2729e101c1889e077.png" alt="" original-src="https://media.ycharts.com/charts/7acc0938823378c2729e101c1889e077.png"/></p>
<p>Data by YCharts.</p>
<div class="lb-trans"><p>数据来源：YCharts。</p>
</div><h2>Improving financial performance</h2>
<div class="lb-trans"><h2>改善财务表现</h2>
</div><p>Financial performance and earnings power are what matter for Apple stock. Last quarter, revenue growth hit its highest level since 2022, though it was still below 10% year over year.</p>
<div class="lb-trans"><p>财务表现和盈利能力是苹果股票的重要因素。上个季度，收入增长达到了自 2022 年以来的最高水平，尽管仍低于 10% 的年增长率。</p>
</div><p>The growth is coming from its software services division as well as the iPhone, the key drivers for the business over the last decade. iPhone sales showed strong growth but have posted many quarters of stagnation, which should worry investors. This is a mature product that has seen declining unit volumes and upgrade cycles for years.</p>
<div class="lb-trans"><p>增长来自其软件服务部门以及 iPhone，这是过去十年业务的关键驱动因素。iPhone 销售显示出强劲增长，但已经出现多个季度的停滞，这应该让投资者感到担忧。这是一款成熟产品，单位销量和升级周期多年来一直在下降。</p>
</div><p>Services revenue keeps growing quickly but is at risk of losing its cash cow Google Search payment if an antitrust lawsuit goes the wrong way. Apple receives an estimated $20 billion a year from Google to make it the default search engine, or about 15% of Apple's overall operating income. This could be wiped out overnight if the lawsuit doesn't work out for them.</p>
<div class="lb-trans"><p>服务收入持续快速增长，但如果反垄断诉讼结果不利，可能会失去其现金牛谷歌搜索支付。苹果每年从谷歌获得约 200 亿美元，使其成为默认搜索引擎，约占苹果整体运营收入的 15%。如果诉讼结果不利，这一收入可能会在一夜之间消失。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjkwNDMvYW1lcmljYS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F829043%2Famerica.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>The big picture with Apple stock</h2>
<div class="lb-trans"><h2>苹果股票的大局</h2>
</div><p>In totality, Apple's announced spending plans may seem ambitious but are actually not a huge change from its long-term roadmap. It was already investing in component manufacturing in the United States, and this is just a modest increase in that context. The stock's 12% month-to-date gain may be fleeting as a result.</p>
<div class="lb-trans"><p>总体而言，苹果宣布的支出计划可能看起来雄心勃勃，但实际上与其长期规划并没有太大变化。它已经在美国投资组件制造，这只是相对而言的适度增加。由于这一原因，股票在本月迄今的 12% 的涨幅可能是短暂的。</p>
</div><p>But should investors buy the stock today? Apple is the slowest-growing company among the &#34;Magnificent Seven&#34;, outside of <strong>Tesla</strong>, which is grappling with declining sales. The others are putting up solid double-digit revenue growth quarter after quarter. Despite this slow growth, Apple stock trades at a premium to several of its peers on a price-to-earnings basis. Its P/E ratio of 35 is also significantly higher than that of the <strong>S&amp;P 500</strong> and <strong>Nasdaq-100</strong> indexes.</p>
<div class="lb-trans"><p>但投资者今天应该购买这只股票吗？在 “七大奇迹” 中，苹果是增长最慢的公司，除了 <strong>特斯拉</strong>，后者正面临销售下降。其他公司则在每个季度都实现了稳健的两位数收入增长。尽管增长缓慢，苹果股票的市盈率仍高于其几位同行。其市盈率为 35，显著高于 <strong>标准普尔 500</strong> 和 <strong>纳斯达克 100</strong> 指数。</p>
</div><p>This leads me to believe that Apple is overvalued, especially following its recent gains from the $600 billion spending announcement.</p>
<div class="lb-trans"><p>这让我相信苹果被高估了，尤其是在其最近因 6000 亿美元支出公告而获得的涨幅之后。</p>
</div>

Apple's $500 Billion Investment Into America Just Got Larger: Does That Mean You Should Buy the Stock?

- 苹果宣布未来四年在美国增加 $1000 亿支出，计划总额达 $6000 亿。  
- 该计划包括员工薪资和数据中心建设，未显著改变制造策略。  
- 苹果股价上涨 12%，但相较于同行增长缓慢，可能被高估。  

苹果在美国的 5000 亿美元投资规模刚刚扩大：这是否意味着你应该购买苹果的股票？