Apple Near a Record High

AAPL is back near its all-time high, around $338.

The rally

Up more than 20% in three months, and about 42% in a year.

The engine

Strong iPhone 17 demand reassured a nervous market.

The other engine

Services keeps compounding in the mid-teens: high-margin and sticky.

The proof

Nine straight earnings beats, and a smooth handoff to a new CEO.

The catch

Near records at about $5 trillion, a lot of good news is already priced in.

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