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

Odaily Planet Daily News Apple will release its earnings report after the US stock market closes on Thursday. The market will focus on whether it can continue 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 "Big Seven" tech giants and repeatedly surpassing a market cap of $5 trillion.

Analysts believe that investors, concerned about the returns on massive AI capital expenditures, are rotating into Apple, which has relatively lower capital spending. However, Apple's current forward 12-month price-to-earnings ratio has risen to about 35 times, a new high since 2008. Meanwhile, factors such as rising memory chip costs and pressure on profit margins could become focal points of this earnings report. (Bloomberg)