<p><strong>蘋果</strong>(AAPL 2.22%) 進入了一個艱難時期。過去 12 個月，該智能手機和計算機巨頭的股價下跌了約 10%，而人工智能（AI）股票卻在飆升。</p>
<p>管理層在虛擬現實方面犯了一些重大錯誤，並對其 Siri 和 Apple Intelligence 服務做出了虛假的承諾。收入增長緩慢，創新似乎缺乏，這個歷史悠久的科技品牌面臨挑戰。</p>
<p>蘋果是否陷入困境？以下是投資者應該對持有該股票感到擔憂的原因。</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>圖片來源：Getty Images。</p>
<h2>虛擬現實的破滅雄心</h2>
<p>在 2024 年初，蘋果發佈了 Vision Pro，這是一款昂貴的虛擬現實頭戴設備，蘋果承諾這是計算的下一個進化。該設備售價為 3500 美元，外觀像未來派的滑雪護目鏡，旨在取代在家工作的人們的個人電腦。蘋果多年來一直在研究虛擬和增強現實技術，但這是其首次大規模進軍前沿計算領域。</p>
<p>現在到了 2025 年 6 月，蘋果 Vision Pro 看起來完全失敗。由於需求疲軟，公司不得不縮減生產，未能吸引開發者為該設備開發應用，自發布以來銷量不足 100 萬台（據報道）。即使每年銷售 100 萬台，這也僅相當於 35 億美元的年收入，而蘋果的合併收入為 4000 億美元。該設備在財務上不會產生顯著影響。</p>
<p>Vision Pro 可以正式稱為失敗。新版本可能會改變消費者的看法，但蘋果在虛擬現實領域的首次嘗試已經失敗。該公司仍然依賴於 iPhone 及其軟件和服務。</p>
<h2>Apple Intelligence 發生了什麼？</h2>
<p>説到智能手機，蘋果向客户和投資者承諾，新的以 AI 為中心的更新將很快推出到蘋果設備上。看漲的投資者認為這將是客户升級 iPhone 的理由，而這一直是公司面臨的一個棘手問題，因為客户在更長時間內堅持使用舊設備。</p>
<p>與 Vision Pro 一樣，蘋果在 Siri 和 Apple Intelligence 產品的升級上也大肆宣傳。然而，實際發佈的產品卻乏善可陳。</p>
<p>在其年度開發者大會上，公司將 AI Siri 的發佈推遲到明年初。同時，AI 競爭對手，如 <strong>Alphabet</strong> 和 OpenAI，正在推進前沿的生產力工具，蘋果則被甩在了後面。</p>
<p>蘋果在與這些 AI 工具的關係中確實擁有一些權力，這將有助於將這些工具引入其設備，但看起來它在 AI 方面錯過了機會，就像它在雲計算方面一樣。這就是為什麼蘋果在過去幾年中收入幾乎沒有增長，而其他科技領袖，如 Alphabet，持續攀升至新高的原因。</p>
<p>蘋果的業務仍然圍繞 iPhone 及其相關軟件服務展開。這種情況還將持續一段時間。</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）數據來自 YCharts。</p>
<h2>昂貴的股價</h2>
<p>蘋果的市盈率並不便宜，以反映這種停滯的增長。蘋果的市盈率（P/E）為 31，而 Alphabet 的市盈率不到 20。這使得蘋果股票在目前顯得格外風險。如果盈利增長沒有加速，蘋果在未來幾年將是一隻令人失望的股票。</p>
<p>有傳言稱，未來幾年蘋果的盈利可能會進入負增長領域。其在 App Store 銷售上的高利潤費用正面臨威脅，因為美國法院裁定蘋果必須允許替代支付方式。每年從谷歌搜索獲得的鉅額費用，以成為蘋果設備的默認搜索引擎，目前正在法院決定是否可能存在反競爭行為。如果法院對蘋果作出不利判決，可能意味着每年損失超過 200 億美元的高利潤收入。</p>
<p>風險不斷增加，創新停滯，市盈率高。因此，投資者可能會發現今天沒有任何值得喜歡的蘋果股票，因為該公司可能面臨困境。現在避免將其納入你的投資組合。</p>

蘋果

2 倍做多 AAPL ETF - GraniteShares

蘋果每日 1 倍做空 ETF - Direxion

蘋果每日 2 倍做多 ETF - Direxion

AAPX

AAPY

APLY

<p>蘋果的股票面臨挑戰，過去一年下跌了 10%，因為它在收入增長和創新方面遇到困難。Vision Pro 虛擬現實頭戴設備表現不佳，需求疲軟，銷量不足 100 萬台。對 Siri 的承諾的人工智能更新被推遲，使得蘋果在競爭中落後於 Alphabet 和 OpenAI。由於市盈率高達 31，並且面臨法律挑戰可能帶來的收入損失，投資者被建議對持有蘋果股票保持謹慎，因為公司可能面臨困境</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>蘋果</strong>(AAPL 2.22%) 進入了一個艱難時期。過去 12 個月，該智能手機和計算機巨頭的股價下跌了約 10%，而人工智能（AI）股票卻在飆升。</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>管理層在虛擬現實方面犯了一些重大錯誤，並對其 Siri 和 Apple Intelligence 服務做出了虛假的承諾。收入增長緩慢，創新似乎缺乏，這個歷史悠久的科技品牌面臨挑戰。</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>蘋果是否陷入困境？以下是投資者應該對持有該股票感到擔憂的原因。</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>圖片來源：Getty Images。</p>
</div><h2>Busted ambitions in virtual reality</h2>
<div class="lb-trans"><h2>虛擬現實的破滅雄心</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，蘋果發佈了 Vision Pro，這是一款昂貴的虛擬現實頭戴設備，蘋果承諾這是計算的下一個進化。該設備售價為 3500 美元，外觀像未來派的滑雪護目鏡，旨在取代在家工作的人們的個人電腦。蘋果多年來一直在研究虛擬和增強現實技術，但這是其首次大規模進軍前沿計算領域。</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>現在到了 2025 年 6 月，蘋果 Vision Pro 看起來完全失敗。由於需求疲軟，公司不得不縮減生產，未能吸引開發者為該設備開發應用，自發布以來銷量不足 100 萬台（據報道）。即使每年銷售 100 萬台，這也僅相當於 35 億美元的年收入，而蘋果的合併收入為 4000 億美元。該設備在財務上不會產生顯著影響。</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 可以正式稱為失敗。新版本可能會改變消費者的看法，但蘋果在虛擬現實領域的首次嘗試已經失敗。該公司仍然依賴於 iPhone 及其軟件和服務。</p>
</div><h2>What happened to Apple Intelligence?</h2>
<div class="lb-trans"><h2>Apple Intelligence 發生了什麼？</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>説到智能手機，蘋果向客户和投資者承諾，新的以 AI 為中心的更新將很快推出到蘋果設備上。看漲的投資者認為這將是客户升級 iPhone 的理由，而這一直是公司面臨的一個棘手問題，因為客户在更長時間內堅持使用舊設備。</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>與 Vision Pro 一樣，蘋果在 Siri 和 Apple Intelligence 產品的升級上也大肆宣傳。然而，實際發佈的產品卻乏善可陳。</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>在其年度開發者大會上，公司將 AI Siri 的發佈推遲到明年初。同時，AI 競爭對手，如 <strong>Alphabet</strong> 和 OpenAI，正在推進前沿的生產力工具，蘋果則被甩在了後面。</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>蘋果在與這些 AI 工具的關係中確實擁有一些權力，這將有助於將這些工具引入其設備，但看起來它在 AI 方面錯過了機會，就像它在雲計算方面一樣。這就是為什麼蘋果在過去幾年中收入幾乎沒有增長，而其他科技領袖，如 Alphabet，持續攀升至新高的原因。</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>蘋果的業務仍然圍繞 iPhone 及其相關軟件服務展開。這種情況還將持續一段時間。</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）數據來自 YCharts。</p>
</div><h2>Expensive stock price</h2>
<div class="lb-trans"><h2>昂貴的股價</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>蘋果的市盈率並不便宜，以反映這種停滯的增長。蘋果的市盈率（P/E）為 31，而 Alphabet 的市盈率不到 20。這使得蘋果股票在目前顯得格外風險。如果盈利增長沒有加速，蘋果在未來幾年將是一隻令人失望的股票。</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>有傳言稱，未來幾年蘋果的盈利可能會進入負增長領域。其在 App Store 銷售上的高利潤費用正面臨威脅，因為美國法院裁定蘋果必須允許替代支付方式。每年從谷歌搜索獲得的鉅額費用，以成為蘋果設備的默認搜索引擎，目前正在法院決定是否可能存在反競爭行為。如果法院對蘋果作出不利判決，可能意味着每年損失超過 200 億美元的高利潤收入。</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>風險不斷增加，創新停滯，市盈率高。因此，投資者可能會發現今天沒有任何值得喜歡的蘋果股票，因為該公司可能面臨困境。現在避免將其納入你的投資組合。</p>
</div>

Is Apple Stock In Trouble?

- 蘋果公司在過去一年下跌約 10%，面臨創新不足和管理失誤。  
- Vision Pro 虛擬現實設備銷量不佳，未能吸引開發者，生產被迫縮減。  
- 蘋果的高市盈率和潛在的收入損失使其股票風險加大，投資者應謹慎。  

蘋果的股票是否陷入困境？