<p>現在是華爾街看漲的好時機。截止到 2025 年 1 月 24 日，成熟的股票驅動的 <strong>道瓊斯工業平均指數</strong>、廣泛基礎的 <strong>標準普爾 500 指數</strong> 和以增長為導向的 <strong>納斯達克綜合指數</strong> 分別上漲了 34%、59% 和 91%。</p>
<p>投資者並沒有缺乏催化劑，通貨膨脹率的減緩、超出預期的企業盈利以及唐納德·特朗普重返白宮都幫助提升了股市。但在推動這波牛市反彈的因素中，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>圖片來源：蘋果。</p>
<p>儘管華爾街許多最具影響力的企業依賴人工智能來推動其增長，但華爾街最大的企業之一，科技巨頭 <strong>蘋果</strong>（AAPL 3.65%），卻將 7250 億美元用於其他領域以提升其利潤。</p>
<h2>蘋果是華爾街最大的企業之一，原因在於此（人工智能也是其中一部分）</h2>
<p>蘋果是第一家市值超過 3 萬億美元的上市公司，截至上週末，僅次於 <strong>英偉達</strong>，成為第二大公司。多年來，蘋果始終引領華爾街走高——它的成功並非偶然。</p>
<p>首先，iPhone 是國內首屈一指的智能手機。自 2020 年第四季度推出首款支持 5G 的 iPhone 以來，蘋果在國內智能手機銷售中的市場份額一直保持在 50% 或更高。無線網絡的持續升級以支持 5G 下載速度，導致該公司 iPhone 的需求相對穩定。</p>
<p>蘋果的創新也在將其市值推高至超過 3 萬億美元方面發揮了關鍵作用。這些創新包括物理產品，如 iPhone、iPad 和 Apple Watch，以及其持續轉型為平台公司的過程。</p>
<p>多年來，首席執行官蒂姆·庫克一直在推動訂閲服務的發展。通過專注於訂閲，蘋果有機會提升其運營利潤率，改善其已經令人印象深刻的客户忠誠度，並平滑通常伴隨主要 iPhone 升級週期而來的收入波動。蘋果的服務部門一直以兩位數的百分比持續增長，現在約佔公司淨銷售額的四分之一。</p>
<p>與大多數科技股一樣，蘋果在人工智能上進行了大規模投資，以推動其收入和利潤的增長。去年，該公司推出了 Apple Intelligence，這是其針對 iPhone、iPad 和 Mac 的人工智能驅動的個人智能模型。Apple Intelligence 可以完成從撰寫和總結文本到為用户創建圖像的所有任務。</p>
<p>最後，蘋果的資產負債表現金充裕，這使其能夠積極投資於未來。</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>圖片來源：Getty Images。</p>
<h2>這 7250 億美元的投資對蘋果的利潤增長至關重要</h2>
<p>雖然這些因素的結合幫助蘋果成為今天的公司，但可以説，推動蘋果每股收益（EPS）增長的最大驅動力尚未提及。我所説的是蘋果最大的單一投資：股票回購。</p>
<p>2013 年，蘋果董事會啓動了一項股票回購計劃，迅速成為投資界的羨慕對象。以下是蘋果在過去 11 個財政年度（其財政年度通常在 9 月底結束）中的回購活動概述：</p>
<ul>
<li><strong>2013</strong>：229.5 億美元回購</li>
<li><strong>2014</strong>：450 億美元</li>
<li><strong>2015</strong>：352.53 億美元</li>
<li><strong>2016</strong>：297.22 億美元</li>
<li><strong>2017</strong>：329 億美元</li>
<li><strong>2018</strong>：727.38 億美元</li>
<li><strong>2019</strong>：668.97 億美元</li>
<li><strong>2020</strong>：723.58 億美元</li>
<li><strong>2021</strong>：859.71 億美元</li>
<li><strong>2022</strong>：894.02 億美元</li>
<li><strong>2023</strong>：775.5 億美元</li>
<li><strong>2024</strong>：949.49 億美元</li>
</ul>
<p>總的來説，蘋果在 11 年內回購了 7256.9 億美元的股票，並在此過程中將其流通股數量減少了近 43%。為了提供一些背景，蘋果在 2024 財政年度報告的每股收益為 6.08 美元，如果董事會沒有授權任何股票回購，這一數字將僅為 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 流通股數據來源於 YCharts。</p>
<p>持續的股票回購計劃為蘋果服務了多個目的。首先，如前所述，它減少了公司的流通股數量，這可以提高每股收益，並使公司的股票在基本面上對投資者更具吸引力。</p>
<p>其次，回購計劃往往會激勵長期投資。當一家公司的流通股數量隨着時間的推移顯著減少時，投資者的持股比例會逐漸增加。當投資者買入並持有時，通常會減少股價波動，這也可以使股票對投資者更具吸引力。</p>
<p>第三，回購暗示蘋果的內部人士（董事會和管理團隊）相信他們公司的股票仍然被低估。</p>
<h2>即使是蘋果世界領先的回購計劃也無法掩蓋這些問題</h2>
<p>蘋果的資產負債表上有更多現金，超出了它知道如何使用的程度（並且是從其運營中產生的），這項世界領先的回購計劃沒有盡頭。</p>
<p>但僅僅因為蘋果以驚人的速度回購其股票，並不一定意味着其股票具有良好的價值。億萬富翁沃倫·巴菲特在過去一年（截至 9 月 30 日）出售了 <strong>伯克希爾哈撒韋</strong> 在其最大持股蘋果中的 67% 的股份——這背後有兩個很好的理由。</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）數據來源於 YCharts。</p>
<p>首先，蘋果的實體產品銷售已經停滯了兩年。儘管 iPhone 仍然是美國最暢銷的智能手機，但 iPhone、iPad、Mac 和其他可穿戴設備的銷售停滯表明，消費者對該公司的實體產品的驚豔程度不再像過去那樣。儘管將蘋果智能技術融入 iPhone、iPad 和 Mac 可能會扭轉這種局面，但即使是歷史高位的通貨膨脹也未能幫助蘋果在 2023 財年提升其實體產品線的銷售。</p>
<p>另一個顯著的擔憂是，蘋果的股票歷史上一直價格昂貴。儘管進行了積極的股票回購，蘋果最近的市盈率（P/E）超過了 42，這是 17 年來未曾見過的水平。股市本身在估值方面也在不斷突破，而蘋果的溢價則更加明顯。</p>
<p>儘管蘋果的股票回購勢頭必將持續，但在其當前估值合理之前，公司在實體產品方面還有很多工作要做。</p>

蘋果

<p>蘋果已經進行了高達 7250 億美元的重大投資，以推動其增長，主要通過股票回購，這使其流通股減少了近 43%。這一策略顯著提升了其每股收益（EPS），2024 財年的每股收益報告為 6.08 美元，而沒有回購時為 3.47 美元。儘管整體市場依賴人工智能實現增長，蘋果在創新方面的專注，特別是在其 iPhone 和訂閲服務上，加上強勁的資產負債表，鞏固了其作為領先科技巨頭的地位</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>現在是華爾街看漲的好時機。截止到 2025 年 1 月 24 日，成熟的股票驅動的 <strong>道瓊斯工業平均指數</strong>、廣泛基礎的 <strong>標準普爾 500 指數</strong> 和以增長為導向的 <strong>納斯達克綜合指數</strong> 分別上漲了 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>投資者並沒有缺乏催化劑，通貨膨脹率的減緩、超出預期的企業盈利以及唐納德·特朗普重返白宮都幫助提升了股市。但在推動這波牛市反彈的因素中，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>圖片來源：蘋果。</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>儘管華爾街許多最具影響力的企業依賴人工智能來推動其增長，但華爾街最大的企業之一，科技巨頭 <strong>蘋果</strong>（AAPL 3.65%），卻將 7250 億美元用於其他領域以提升其利潤。</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>蘋果是華爾街最大的企業之一，原因在於此（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>蘋果是第一家市值超過 3 萬億美元的上市公司，截至上週末，僅次於 <strong>英偉達</strong>，成為第二大公司。多年來，蘋果始終引領華爾街走高——它的成功並非偶然。</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 是國內首屈一指的智能手機。自 2020 年第四季度推出首款支持 5G 的 iPhone 以來，蘋果在國內智能手機銷售中的市場份額一直保持在 50% 或更高。無線網絡的持續升級以支持 5G 下載速度，導致該公司 iPhone 的需求相對穩定。</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>蘋果的創新也在將其市值推高至超過 3 萬億美元方面發揮了關鍵作用。這些創新包括物理產品，如 iPhone、iPad 和 Apple Watch，以及其持續轉型為平台公司的過程。</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>多年來，首席執行官蒂姆·庫克一直在推動訂閲服務的發展。通過專注於訂閲，蘋果有機會提升其運營利潤率，改善其已經令人印象深刻的客户忠誠度，並平滑通常伴隨主要 iPhone 升級週期而來的收入波動。蘋果的服務部門一直以兩位數的百分比持續增長，現在約佔公司淨銷售額的四分之一。</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>與大多數科技股一樣，蘋果在人工智能上進行了大規模投資，以推動其收入和利潤的增長。去年，該公司推出了 Apple Intelligence，這是其針對 iPhone、iPad 和 Mac 的人工智能驅動的個人智能模型。Apple Intelligence 可以完成從撰寫和總結文本到為用户創建圖像的所有任務。</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>最後，蘋果的資產負債表現金充裕，這使其能夠積極投資於未來。</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>圖片來源：Getty Images。</p>
</div><h2>This $725 billion investment has been crucial to Apple's profit growth</h2>
<div class="lb-trans"><h2>這 7250 億美元的投資對蘋果的利潤增長至關重要</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>雖然這些因素的結合幫助蘋果成為今天的公司，但可以説，推動蘋果每股收益（EPS）增長的最大驅動力尚未提及。我所説的是蘋果最大的單一投資：股票回購。</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，蘋果董事會啓動了一項股票回購計劃，迅速成為投資界的羨慕對象。以下是蘋果在過去 11 個財政年度（其財政年度通常在 9 月底結束）中的回購活動概述：</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 億美元回購</li>
<li><strong>2014</strong>：450 億美元</li>
<li><strong>2015</strong>：352.53 億美元</li>
<li><strong>2016</strong>：297.22 億美元</li>
<li><strong>2017</strong>：329 億美元</li>
<li><strong>2018</strong>：727.38 億美元</li>
<li><strong>2019</strong>：668.97 億美元</li>
<li><strong>2020</strong>：723.58 億美元</li>
<li><strong>2021</strong>：859.71 億美元</li>
<li><strong>2022</strong>：894.02 億美元</li>
<li><strong>2023</strong>：775.5 億美元</li>
<li><strong>2024</strong>：949.49 億美元</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>總的來説，蘋果在 11 年內回購了 7256.9 億美元的股票，並在此過程中將其流通股數量減少了近 43%。為了提供一些背景，蘋果在 2024 財政年度報告的每股收益為 6.08 美元，如果董事會沒有授權任何股票回購，這一數字將僅為 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 流通股數據來源於 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>持續的股票回購計劃為蘋果服務了多個目的。首先，如前所述，它減少了公司的流通股數量，這可以提高每股收益，並使公司的股票在基本面上對投資者更具吸引力。</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，回購計劃往往會激勵長期投資。當一家公司的流通股數量隨着時間的推移顯著減少時，投資者的持股比例會逐漸增加。當投資者買入並持有時，通常會減少股價波動，這也可以使股票對投資者更具吸引力。</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，回購暗示蘋果的內部人士（董事會和管理團隊）相信他們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>即使是蘋果世界領先的回購計劃也無法掩蓋這些問題</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>蘋果的資產負債表上有更多現金，超出了它知道如何使用的程度（並且是從其運營中產生的），這項世界領先的回購計劃沒有盡頭。</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>但僅僅因為蘋果以驚人的速度回購其股票，並不一定意味着其股票具有良好的價值。億萬富翁沃倫·巴菲特在過去一年（截至 9 月 30 日）出售了 <strong>伯克希爾哈撒韋</strong> 在其最大持股蘋果中的 67% 的股份——這背後有兩個很好的理由。</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）數據來源於 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，蘋果的實體產品銷售已經停滯了兩年。儘管 iPhone 仍然是美國最暢銷的智能手機，但 iPhone、iPad、Mac 和其他可穿戴設備的銷售停滯表明，消費者對該公司的實體產品的驚豔程度不再像過去那樣。儘管將蘋果智能技術融入 iPhone、iPad 和 Mac 可能會扭轉這種局面，但即使是歷史高位的通貨膨脹也未能幫助蘋果在 2023 財年提升其實體產品線的銷售。</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>另一個顯著的擔憂是，蘋果的股票歷史上一直價格昂貴。儘管進行了積極的股票回購，蘋果最近的市盈率（P/E）超過了 42，這是 17 年來未曾見過的水平。股市本身在估值方面也在不斷突破，而蘋果的溢價則更加明顯。</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>儘管蘋果的股票回購勢頭必將持續，但在其當前估值合理之前，公司在實體產品方面還有很多工作要做。</p>
</div>

Apple's $725 Billion Investment Is Fueling Its Growth -- and It Has Nothing to Do With Artificial Intelligence (AI)

- 自 2023 年以來，標普 500 指數上漲 59%，納斯達克上漲 91%。  
- 蘋果公司通過 7250 億美元的股票回購計劃，減少了近 43% 的流通股。  
- 儘管回購持續，蘋果的產品銷售停滯，市盈率超過 42，面臨估值壓力。  

蘋果的 7250 億美元投資正在推動其增長——這與人工智能（AI）無關