Apple's earnings report will test the "AI safe haven trade" logic, with high valuations and margin pressure becoming key focal points

Odaily reported that Apple will release its earnings report after the US stock market closes on Thursday. The market will focus on whether it can sustain its strong performance as a beneficiary of the "Anti-capex AI Trade." So far this year, Apple's stock price has risen by 24%, making it the best performer among the "Magnificent Seven" tech stocks, and it has repeatedly broken the $5 trillion market capitalization mark.

Analysts suggest that investors are shifting towards Apple due to concerns about the returns on massive AI capital expenditures, as the company maintains relatively lower capital spending. However, Apple's current forward price-to-earnings ratio for the next 12 months has risen to about 35 times, the highest since 2008. Meanwhile, rising memory chip costs and pressure on profit margins may become key points of focus in this earnings report. (Bloomberg)