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Fox Tungsten Ltd (TSX-V:FOXT, OTC:HPYCF, FRA:1HC) CEO Steve Gray talked with Proactive about the company's fully funded 20,000-metre drill program at the...

On the surface, Apple (AAPL -7.35%) delivered a strong third-quarter earnings report with revenue jumping 16% to $109.4 billion, edging out the consensus at $109 billion.

IPhone sales jumped 22% to $54.3 billion, and Mac was a bright spot as well, up 29%, and Apple reported double-digit revenue growth in all five of its regions.

Gross margin reached 50.1%, which included a benefit of two percentage points from tariff refunds. On the bottom line, the company reported earnings per share of $2.02, which included an $0.11 benefit from tariff refunds, compared to analyst estimates of $1.89.

However, the stock still finished down 7.4%, cooling off what had been a breakout run in recent weeks, as the company issued disappointing guidance. Apple stock had soared as it got credit for avoiding spending hundreds of billions on AI infrastructure, unlike its big tech peers.

Apple called for overall revenue growth of 9%-11% to $111.7 billion-$113.7 billion, which was below the consensus at $115 billion. The company cited two major headwinds for that guidance: foreign-exchange headwinds and supply constraints, primarily related to memory.

Image source: The Motley Fool.

The memory shortage bites again Apple made headlines a few weeks ago when it said it would raise iPhone prices due to higher memory chip costs, and now the ongoing rise in memory prices is biting into the company's margins.

CEO Tim Cook said that memory prices were expected to rise in the September quarter, though there are some ways to offset those costs. However, the company expects memory prices to continue to increase beyond September, and Cook said it "could drive an increasing impact on our business."

For the September quarter, Apple expects gross margin of 47%-48%, which is even with the 47.2% it reported a year ago.

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What it means for investors Based on forecasts for memory chip companies like Micron, prices are expected to continue rising at least through next year, and that could put the brakes on Apple's profit growth.

The company's return to double-digit revenue growth has been impressive, but without further price increases, Apple will likely have to absorb some of those costs. The memory pricing surge won't last forever, but the sell-off in the stock, especially after Apple had surged past a $5 trillion market cap, makes sense.

At a price-to-earnings ratio of 37, Apple isn't cheap. The memory shortage isn't a reason to sell the stock, but it's likely to restrain any gains over the next year or two. Keep your eye on the memory market as further tightening is likely to impact Apple.

Posted by Defense World Staff on Aug 1st, 2026

Aware Super Pty Ltd as trustee of Aware Super purchased a new stake in Apple Inc. (NASDAQ:AAPL – Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 1,868,427 shares of the iPhone maker’s stock, valued at approximately $474,188,000. Apple comprises approximately 7.2% of Aware Super Pty Ltd as trustee of Aware Super’s holdings, making the stock its 2nd largest position.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in AAPL. First National Bank of Hutchinson boosted its holdings in Apple by 24.6% in the 4th quarter. First National Bank of Hutchinson now owns 35,319 shares of the iPhone maker’s stock valued at $8,845,000 after purchasing an additional 6,982 shares during the period. Eagle Capital Management LLC lifted its holdings in shares of Apple by 0.5% in the 4th quarter. Eagle Capital Management LLC now owns 54,085 shares of the iPhone maker’s stock worth $13,544,000 after acquiring an additional 272 shares during the last quarter. Brighton Jones LLC lifted its stake in Apple by 14.8% in the fourth quarter. Brighton Jones LLC now owns 537,314 shares of the iPhone maker’s stock worth $134,554,000 after purchasing an additional 69,207 shares during the last quarter. Revolve Wealth Partners LLC lifted its stake in shares of Apple by 4.2% in the 4th quarter. Revolve Wealth Partners LLC now owns 66,857 shares of the iPhone maker’s stock valued at $16,742,000 after acquiring an additional 2,695 shares during the last quarter. Finally, Highview Capital Management LLC DE boosted its holdings in Apple by 2.4% during the 4th quarter. Highview Capital Management LLC DE now owns 50,264 shares of the iPhone maker’s stock valued at $12,587,000 after acquiring an additional 1,155 shares during the period. 67.73% of the stock is owned by institutional investors.

Key Headlines Impacting Apple Here are the key news stories impacting Apple this week:

Positive Sentiment: Apple reported record June-quarter revenue of $109.4 billion, up 16.4% year over year, and diluted EPS of $2.02, exceeding Wall Street expectations. iPhone revenue rose 22% to $54.3 billion, while Mac revenue increased 29% to $10.4 billion. Apple reports third quarter results Positive Sentiment: Apple’s large installed base, strong hardware demand and potential consumer-AI opportunities remain long-term supports. Some analysts remain bullish: TD Cowen raised its price target to $400, while other firms maintained Buy or Overweight ratings despite trimming estimates. Analyst raises Apple price target Positive Sentiment: The company declared a quarterly dividend of $0.27 per share, payable August 13 to shareholders of record August 10. Apple also continues to emphasize an AI strategy that requires less capital spending than the infrastructure-heavy approach used by some peers. Apple Q3 financial results Apple Trading Down 7.4% Apple stock opened at $308.91 on Friday. Apple Inc. has a 12 month low of $201.50 and a 12 month high of $344.57. The company has a market capitalization of $4.54 trillion, a price-to-earnings ratio of 35.43, a price-to-earnings-growth ratio of 2.88 and a beta of 1.10. The business’s fifty day simple moving average is $309.51 and its two-hundred day simple moving average is $281.45. The company has a current ratio of 1.07, a quick ratio of 1.02 and a debt-to-equity ratio of 0.70.

Apple (NASDAQ:AAPL – Get Free Report) last issued its quarterly earnings results on Thursday, July 30th. The iPhone maker reported $2.02 earnings per share for the quarter, beating the consensus estimate of $1.89 by $0.13. The firm had revenue of $109.42 billion during the quarter, compared to the consensus estimate of $109.04 billion. Apple had a return on equity of 142.29% and a net margin of 27.62%.The company’s revenue was up 16.4% on a year-over-year basis. During the same period last year, the company earned $1.57 earnings per share. As a group, equities analysts predict that Apple Inc. will post 8.76 earnings per share for the current fiscal year.

Apple Dividend Announcement The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 13th. Shareholders of record on Monday, August 10th will be paid a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a yield of 0.3%. The ex-dividend date is Monday, August 10th. Apple’s dividend payout ratio (DPR) is currently 12.39%.

Insider Transactions at Apple In other Apple news, insider Ben Borders sold 1,274 shares of Apple stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $290.00, for a total value of $369,460.00. Following the completion of the transaction, the insider directly owned 38,713 shares of the company’s stock, valued at approximately $11,226,770. The trade was a 3.19% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.06% of the company’s stock.

Analyst Upgrades and Downgrades A number of equities analysts have commented on AAPL shares. DA Davidson reaffirmed a “neutral” rating and issued a $270.00 price target on shares of Apple in a research note on Friday. Sanford C. Bernstein reiterated an “outperform” rating on shares of Apple in a report on Monday, June 8th. KGI Securities lowered Apple from an “outperform” rating to a “hold” rating and set a $315.00 target price for the company. in a research report on Monday, June 22nd. Royal Bank Of Canada set a $365.00 target price on Apple in a research note on Wednesday, July 15th. Finally, Maxim Group reiterated a “buy” rating and issued a $350.00 price target (up from $310.00) on shares of Apple in a research note on Tuesday, June 9th. One research analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, ten have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Apple presently has an average rating of “Moderate Buy” and a consensus price target of $331.60.

View Our Latest Stock Analysis on Apple

Apple Company Profile (Free Report)

Apple Inc (NASDAQ: AAPL) is a multinational technology company headquartered in Cupertino, California, founded in 1976 by Steve Jobs, Steve Wozniak and Ronald Wayne. The company designs, develops and sells consumer electronics, software and services. Over its history Apple has evolved from personal computers to a broad portfolio that spans mobile devices, wearables, home entertainment and digital services.

Apple’s principal hardware products include the iPhone smartphone, iPad tablet, Mac personal computers, Apple Watch wearable devices and a range of accessories such as AirPods and HomePod.

Read More Five stocks we like better than Apple Chevron’s Strong Quarter Shows Why It Still Leads the Energy Sector Amazon’s Earnings Beat Shows Why AWS Is Back at the Center of the Bull Case Apple’s Record Quarter Could Not Outrun Its Guidance Problem McKesson’s Compounding Keeps Adding Up Want to see what other hedge funds are holding AAPL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Apple Inc. (NASDAQ:AAPL – Free Report).

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Apple (AAPL -7.35%) has long been one of the most valuable companies in the world. But the iPhone maker saw its shares underperform many of the biggest artificial intelligence (AI) stocks over the last few years, ultimately leading it to lose its throne as the top company by market cap to Microsoft in May 2025, before Nvidia surpassed both companies in June 2025.

It's been over a year since Apple was the most valuable company in the world, the longest streak since it first climbed to that position in 2011.

But investors have been piling into its stock recently, pushing the market cap to about $4.9 trillion and making it, once again, the most valuable company in the world. Here's why the stock keeps climbing and why it can continue higher from here.

Image source: Getty Images.

Apple isn't like all the other megacap stocks While some of the world's largest companies build out extensive AI infrastructure, Apple has remained a relatively asset-light business. Its capital expenditures (capex) for the past 12 months have totaled $11 billion. By comparison, Microsoft is spending about $200 billion this year, as are Alphabet and Amazon.

While those three cloud computing giants directly monetize their capex by selling access to their platforms, they're also taking on significant risks. These are magnified by the long-term commitments they're making to building, maintaining, and servicing all their data centers. Alphabet revealed $811 billion in future commitments with its most recent earnings report.

Growing unease about the hyperscalers' huge capex plans has started to weigh on AI stocks. Alphabet shares fell notably after its earnings release, despite strong growth in both its cloud computing business and its core advertising operations.

That fear extends to Nvidia. If investors aren't confident that AI spending will produce strong returns in the future, that implies less spending on Nvidia's GPUs.

The rotation from the capital-intensive hyperscalers to the asset-light (relatively speaking) Apple is a flight to safety. But it could also be a move that pays off in the long run, as the company could continue higher even if fears about all the AI computing spending abate.

Apple stock certainly isn't cheap anymore. It currently trades for roughly 39 times forward earnings expectations. That's a very high price for a company that's expected to grow earnings just 10% to 16% over the next few years. It's also a premium to the faster-growing hyperscalers, which trade between 16 and 26 times forward earnings. As a result, some may see little room left for Apple stock to keep rising.

But the company could deliver strong earnings without capital risk over the next few years, which not only warrants a premium but could also make its current premium appear cheaper than it appears.

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There are a few catalysts that could drive earnings (and the stock) higher from here. It starts with the iPhone. Many expect Apple to increase its price this fall, passing on higher component costs to consumers.

It wouldn't be alone in doing so, as other consumer electronics companies have already raised prices. Users may be more willing to pay up to upgrade their iPhones this fall as it's finally releasing its AI-powered Siri revamp, which requires newer hardware.

Apple is already finding that its Mac product line is immensely popular among AI enthusiasts, thanks in part to the architecture of its M-series chips. Management has the opportunity to build on that popularity, further develop its chip capabilities, and become the go-to brand for on-device AI development and use. It is also building out its private computing platform with its own chip designs.

Combined with the company's ability to take complex capabilities and make them easily accessible to consumers, the early attraction of its devices for AI among enthusiasts could set the stage for a huge inflection in demand for its products down the road. As on-device AI capabilities improve, Apple stands to benefit from added service revenue as well, either through the App Store or by selling premium AI services directly.

While the push to build its own computing platform will cut into free cash flow, it remains one of the few megacap companies still producing gobs of cash every quarter. It consistently buys back shares, which in turn helps increase earnings per share.

As Microsoft, Amazon, and Alphabet have poured more cash into AI computing, they don't have the capacity to offset share-based compensation and decrease outstanding shares. That should naturally produce a gap in price-to-earnings ratios between Apple and the hyperscalers.

As a result, there's still room for the stock to climb higher from here, but investors will want to pay attention to how customers respond to its higher-priced devices and services later this year.

Noble Helium Ltd (ASX:NHE, OTC:NBHEF, FRA:GN1) earlier this week outlined the final operational preparations for drilling at the Kinambo prospect within the North Rukwa Project in Tanzania, with the company targeting a late-August spud.

Chief Operating Officer Dermot O’Keeffe said almost every planned workstream had been completed ahead of the campaign. The contracted rig was expected to begin mobilisation shortly and move to the first well location around the middle of August.

O’Keeffe said the Kenyan-based contractor would deploy Bore Experts’ truck-mounted SR-130 XD rig. He explained that the unit offered the depth capability required to test the primary targets while retaining sufficient mobility to move between locations should Noble Helium exercise options for additional wells.

The company had also advanced road construction and upgrades, camp development and site infrastructure. A self-contained camp capable of supporting 56 people was nearing completion and would provide accommodation, catering, power, water and communications throughout the programme.

O’Keeffe noted that road access represented a significant part of the preparation because Kinambo was located in a remote area of the North Rukwa Basin. The upgraded routes were designed to accommodate the rig, heavy equipment and bulk deliveries of fuel and water.

A further potential scheduling risk had been reduced through the early procurement of long-lead items. O’Keeffe said casing, wellhead equipment, drilling fluids, cementing products, spare parts and specialist testing equipment were already in Tanzania and staged for mobilisation.

“Everything’s now in country and staged, ready to be mobilised to site,” he said.

The principal catalyst will be the commencement of drilling, followed by updates on operational progress and the geological data recovered from the wells. Kinambo is intended to test shallow and deep helium-bearing structures identified through 3D seismic reprocessing and gravity studies.

O’Keeffe said the campaign represented the first substantive subsurface test of a prospect that had undergone extensive technical de-risking. A discovery could also strengthen Noble Helium’s position as it seeks a partner for the eastern side of the lake, where the company believes 98% of its certified 235 billion cubic feet of helium resource is located.

He said safety, well integrity and data quality would remain central once drilling began.

“We’ve done the work so that, once the rig spuds, the focus is purely on drilling a safe, technically sound well and making sure that the data we collect is of the highest standard,” O’Keeffe said.

The market’s attention is therefore likely to focus on rig mobilisation, the formal spud announcement and subsequent drilling results from the Kinambo wells.

Interview highlights Noble Helium had completed almost all planned pre-drilling work ahead of the Kinambo campaign. The contracted truck-mounted rig was expected to begin mobilisation shortly and move to the first well location around mid-August. The company was targeting a late-August spud, subject to final commissioning and normal operational contingencies. Road construction, equipment-storage areas and well-site access were nearing completion. A self-contained camp for 56 people was being commissioned to provide accommodation, catering, power, water and communications. All major long-lead items were in Tanzania and staged for mobilisation, including casing, wellhead equipment, drilling fluids, cementing products and testing equipment. Site-specific emergency response and medical evacuation plans had been prepared. The Kinambo wells were designed to test shallow and deep helium-bearing structures identified through 3D seismic reprocessing and gravity work. A discovery could support Noble Helium’s objective of bringing in a partner for the eastern side of the lake. O’Keeffe said the company’s priority after spud would be to drill safely, deliver a technically sound well and collect high-quality data.

Proactive: As rig mobilisation nears for the Kinambo wells at the North Rukwa Project in Tanzania, we sat down with Noble Helium Chief Operating Officer Dermot O’Keeffe to discuss the operational build-up and what to expect as drilling gets underway. Dermot, good to have you.

Dermot O’Keeffe: Thanks for having me, Jonathan. I’m looking forward to having a chat.

Proactive: It’s a pleasure to have you. Let’s start with the upcoming spud. Where do things stand right now?

Dermot O’Keeffe: We’re in pretty good shape. Almost every piece of work that we set out to complete ahead of drilling is done.

The rig has been contracted and will commence mobilisation shortly. It is expected to move into position at the first well location around the middle of August.

It will then be rigged up, with final inspections conducted before spud. The roads into the camp location, equipment storage area and well sites are almost complete, while all our long-lead items are either in Tanzania or ready to be mobilised to the location.

Construction of the 56-person camp is nearing completion. Following a commissioning programme, it will be ready to house the crew in early August.

This is the position every operations team wants to be in ahead of a campaign: nothing left to chase, just execution.

Proactive: There is plenty to look forward to. Let’s start with the rig. What have you secured, and why did you make that choice?

Dermot O’Keeffe: We’ve gone with a Kenyan-based contractor. We’re using Bore Experts’ SR-130 XD, which is a well-proven, truck-mounted rig that suits the geology and logistics of this location.

It gives us the depth capability required for the primary targets while remaining mobile enough to move efficiently between well locations should we exercise our options for further wells.

Proactive: Safety is obviously front of mind, particularly at a remote site. How are you managing that?

Dermot O’Keeffe: Safety is built into every one of the workstreams we’ve discussed. It is not treated as a separate box-ticking exercise.

Our team will conduct inductions for every person mobilising to site. We also have emergency response and medical evacuation plans specific to the location.

The camp and road infrastructure have been designed with safe, controlled access in mind from day one. We also hold ourselves to international standards for well control and health, safety and environment, regardless of the jurisdiction.

Proactive: You mentioned a camp for 56 people. Can you talk us through that side of the operation?

Dermot O’Keeffe: Drilling programmes really live or die on the welfare of the people running them, so the camp has received just as much attention as the technical planning.

We’ve built accommodation, catering, power, water and communications infrastructure to support a workforce of 56 people on site throughout the campaign. I’ll also be there myself as part of that team.

The workforce includes the rig crew, our operations personnel, medical personnel, catering and camp management staff, equipment operators and drivers, as well as specialists working on well logging and sampling operations.

It is a self-contained facility, which matters given how remote North Rukwa is.

Proactive: Let’s talk about the roads. How significant was that piece of work?

Dermot O’Keeffe: It is more significant than people outside the industry often appreciate.

Kinambo sits in a remote part of the North Rukwa Basin, so before a rig or any equipment can move to site, reliable all-weather access is needed.

We’re completing the road construction and upgrades required to move heavy equipment safely. That includes sections capable of handling rig components, as well as bulk fuel and water deliveries to the drilling locations.

That work is now well advanced, and it de-risks the entire mobilisation process.

Proactive: I also want to discuss the long-lead items. Why do they matter so much to the schedule?

Dermot O’Keeffe: Long-lead items are the items with the longest procurement and shipping timelines.

They include casing, wellhead equipment, drilling fluids and cementing products, spare parts, and specialised drilling and testing equipment. These items can take months to source and freight into Tanzania.

If any one of them is delayed, it can hold up the whole programme, regardless of how ready everything else is.

We started procuring these items well ahead of time, and I can confirm that everything is now in Tanzania and staged, ready to be mobilised to site.

Proactive: With everything in place, what is the sequence from here to spud?

Dermot O’Keeffe: Once the civil works are complete and we’ve commissioned the camp, the rig will be moved onto location and rigged up.

We’ll then complete the final safety inductions and commissioning checks across the site.

Barring any last-minute issues, although contingency is always built into a remote operation like this, we are currently on track to spud in late August.

Proactive: What is Kinambo targeting, and why do these wells matter for Noble Helium?

Dermot O’Keeffe: Kinambo sits on the western flank of our North Rukwa Project. The wells are designed to test both shallow and deep helium-bearing structures identified through our 3D seismic reprocessing and gravity work.

It is the final real subsurface test of a prospect that Justin and his team have spent a long time de-risking on paper.

A discovery here would represent a major step towards our goal of bringing in a partner on the eastern side of the lake, where we believe 98% of our certified 235 billion cubic feet of helium is located.

That is exactly why we have been so disciplined about getting the operational readiness right for Kinambo.

Proactive: To wrap up, do you have any final message for shareholders from an operational perspective as the programme begins?

Dermot O’Keeffe: This is the result of a long period of disciplined, methodical preparation. The team on the ground in Tanzania deserves real credit for getting us to this point.

We’ve done the work so that, once the rig spuds, the focus is purely on drilling a safe, technically sound well and ensuring that the data we collect is of the highest standard.

We’ll keep the market updated as the programme progresses.

Proactive: Dermot, there is lots to look forward to. Thanks for your time, and I hope everything goes well for you on site.

Dermot O’Keeffe: Thank you, Jonathan. Good to talk to you.

Alkane Resources Ltd (ASX:ALK, OTC:ALKEF) earlier this week increased the Mineral Resource at its Storheden gold deposit in northern Sweden to approximately 212,000 ounces, reinforcing the deposit’s potential to supply higher-grade satellite ore to the nearby Björkdal operation.

The updated estimate comprises an Indicated Resource of 1.07 million tonnes grading 2.51 grams per tonne gold for 87,000 ounces and an Inferred Resource of 1.85 million tonnes at 2.11 grams per tonne for 125,000 ounces.

The update delivered Storheden’s first Indicated Resource, while inferred contained gold increased by around 26% from the previous estimate of 99,000 ounces.

Managing director and CEO Nic Earner said the result improved both the size and quality of the resource, with material moving into the higher-confidence Indicated category and the overall grade increasing from the previous estimate of about 1.7 grams per tonne.

“What we really like about this is we have long stated that what we’re trying to do at Björkdal is bring on supplementary ore sources that will allow us to increase the overall grade going through the mill,” Earner said.

Storheden is around 700 metres north of Björkdal’s main deposits. The location could allow the company to integrate the deposit into the existing operation, which processes approximately 1.4 million tonnes annually.

Björkdal produced slightly more than 41,000 ounces in the previous year, and Alkane Resources is seeking to lift annual output beyond 50,000 ounces. Earner said Storheden represented an important step towards that goal.

A key potential catalyst will be the commencement of development towards the deposit during FY2027. The company is advancing work from the existing operation and is targeting potential mining from around 2029, although extraction remains subject to environmental approval.

Further drilling results also represent a potential near-term catalyst. Recent work has intersected narrow, high-grade veins, including zones grading more than one ounce per tonne. Earner described the mineralisation as consistent with the existing deposit and potentially higher grade in some areas.

Additional operational investment at Björkdal includes exploration drilling, new equipment and an 18-month tailings dam expansion expected to provide another seven years of capacity.

Together, these initiatives could help lower unit costs, extend the operation’s life and support higher-grade mill feed. Further Storheden drilling and the start of development are expected to be the principal updates for investors through the remainder of the year.

Interview highlights Alkane Resources increased the total Storheden Mineral Resource to approximately 212,000 ounces of contained gold. The estimate includes 87,000 ounces in the Indicated category and 125,000 ounces in the Inferred category. Storheden has delivered its first Indicated Resource. Inferred contained gold increased by around 26% from the previous estimate of 99,000 ounces. The overall resource grade has risen from the previous estimate of about 1.7 grams per tonne to more than two grams per tonne. Storheden is approximately 700 metres north of the main Björkdal deposits. Alkane Resources sees Storheden as a potential supplementary ore source that could raise the average grade processed through the Björkdal mill. Björkdal processes about 1.4 million tonnes annually and produced slightly more than 41,000 ounces of gold in the previous year. The company is targeting annual production of more than 50,000 ounces at Björkdal. Capital has been allocated in FY2027 to begin development towards Storheden. Alkane Resources is targeting potential mining from around 2029, subject to environmental approval. Recent drilling has identified narrow, high-grade veins, including zones exceeding one ounce per tonne. Further drilling, development work, new equipment and additional tailings capacity could support lower unit costs and a longer operating life. Further Storheden drilling results and the commencement of development are expected to be key near-term news items.

Proactive: Alkane Resources has substantially increased the Mineral Resource at the Storheden gold deposit in northern Sweden, strengthening its potential to become a satellite mining area for the nearby Björkdal operation. Here to discuss the increase is managing director and CEO Nic Earner. Nic, good to see you again.

Nic Earner: Good to see you too, Jonathan.

Proactive: Thank you. It is a pleasure to have you. The updated estimate contains 212,000 ounces of gold. Talk us through the key takeaways.

Nic Earner: The first major takeaway is that Storheden is about 700 metres north of the existing main deposits at Björkdal. We have been drilling it for some time.

We have not only increased the number of ounces in the resource, but also improved its quality by moving material into the Indicated category and increasing the Inferred Resource. We have also increased the grade.

Our previous resource was at 1.7 grams per tonne, so people can see that the grade is now above two grams per tonne.

What we really like about this is that we have long stated that our objective at Björkdal is to bring on supplementary ore sources that could increase the overall grade going through the mill.

We process 1.4 million tonnes per annum there and want to move beyond 50,000 ounces of annual production. Last year, we produced a little more than 41,000 ounces. We see Storheden as an important step towards that objective.

We are allocating capital during the current financial year, FY2027, to begin developing towards this deposit. We are getting a head start on development by advancing from both the surface and underground before connecting the development.

Looking ahead, we want to be mining Storheden from around 2029. We will need an environmental permit to allow extraction.

This is very encouraging and is exactly what we were looking for. It gives us the confidence to proceed.

Proactive: You mentioned the Indicated category. It is worth noting that this is Storheden’s first Indicated Resource.

Nic Earner: Correct. We previously had only an Inferred Resource. We now have close to 80,000 ounces in the Indicated category.

When we talk about producing more than 50,000 ounces annually at Björkdal, it does not take a large number of additional ounces each year to make a meaningful contribution.

We already have a mine life of more than 10 years at Björkdal, but what we want to do is increase the overall grade. People should read this update very positively.

Proactive: Talk us through the latest high-grade drilling and what it reveals about the deposit’s potential scale.

Nic Earner: The region in Sweden around Björkdal, including Storheden and other deposits, contains narrow veins that can be very high grade. Some intersections can exceed one ounce per tonne.

Our minimum mining width for the resource is 2.5 metres. Where the mineralised body becomes wider, we connect the veins and account for dilution across that width.

These are mining widths, and our reserves are typically slightly lower grade than the resource once mining assumptions are applied.

We have very high-grade veins that are diluted to a mineable width. We group them together to achieve the most economic extraction.

It is a phenomenal orebody. Whenever these veins come together, they can produce small bonanza-grade zones.

People should interpret the drilling as being consistent with the existing deposit and potentially slightly higher grade in some areas.

Proactive: Storheden appears to support and potentially extend the Björkdal operation.

Nic Earner: Exactly. Björkdal already has a mine life of more than 10 years, and Storheden supports the potential extension of that operation.

We are making substantial investments during this financial year. We will be developing towards Storheden and continuing exploration drilling both around the existing deposits and along extensions of Storheden.

We are also raising the tailings dam to add another seven years of capacity. That is an 18-month process that has already started and is underway.

We are putting new equipment into the operation as well. Over the next 12 to 18 months, we are looking to lower unit costs and expand the operation’s life and potential.

Proactive: Very encouraging. You have largely answered the next question, but what are the main priorities, and what should investors expect over the next few weeks and months?

Nic Earner: With respect to Storheden, further drilling results and the commencement of development will be the key news for people to watch between now and the end of the year.

Proactive: Nic, there is plenty to look forward to. Thanks for your time this morning. We will speak again as further news comes out.

Nic Earner: Thanks very much, Jonathan. Good to see you.

Apple (AAPL), a consumer-technology company producing iPhones and Mac computers, plunged approximately 9.6% by Friday's close as analysts assessed supply constr

Tech stocks have been on a roller coaster this week. First, it was Microsoft and Meta, whose stock prices surged and plunged, respectively, after the companies announced their most recent quarterly results.

Now it’s Apple’s turn.

The iPhone maker’s stock price is down significantly after reporting its third-quarter 2026 results. However, those results were, by nearly all accounts, stellar. Apple had its best Q3 on record.

So, why is the stock dropping? Here’s what you need to know.

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What’s happened?Yesterday after market close, Apple Inc. (Nasdaq: AAPL) reported financial results for its third quarter of fiscal year 2026. The company exceeded most major metrics with ease, and, as a matter of fact, Apple recorded its best Q3 ever.

For the quarter, Apple reported revenue of $109.4 billion, up 16% year over year, the company’s highest Q3 revenue ever.

Gross margin—the profit Apple makes from selling its products—was also strong at 50.1%. It also achieved a diluted earnings per share (EPS) growth of 29% year over year to $2.02 (helped by tariff refunds that added 11 cents per share). Apple’s year-ago EPS was just $1.57.

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Melissa Otto and Morningstar's William Kerwin break down Apple's (AAPL) latest challenges as supply chain constraints weigh on the company's outlook. Otto says those pressures could persist as hyperscalers continue investing heavily in AI infrastructure, with elevated capital spending expected through 2027 and into 2028.

Apple beat on the top and bottom lines and still sold off over 8%. I'm at a 'Hold,' and I expect it to underperform the market through year-end. Revenue hit a Q3 record of $109.4 billion, up 16.4%, with iPhone up 21.7%. The market decided 38x forward earnings already priced all of it in. Strip out tariff refunds, and 200bp of that 50.1% gross margin disappears. Memory costs are doing the damage, and Apple cannot solve a memory shortage.

Apple shares plunged nearly 10% on Friday in the tech giant’s worst one-day selloff since March 2020 after it warned that supply constraints and slowing growth would weigh on results in the current quarter — overshadowing an otherwise solid earnings report.

The stock fell as much as 9.7% to around $301, wiping out roughly $475 billion in market value, after CEO Tim Cook blamed a “100-year flood” in memory pricing for squeezing profit margins and acknowledged Apple underestimated demand for its iPhone and Mac lineup.

Investors also balked at Apple’s guidance for the September quarter, with the company forecasting revenue growth of 9% to 11%, below Wall Street expectations of roughly 12%.

Apple CEO Tim Cook warned of a “100-year flood” in memory pricing as the iPhone maker forecast slower growth for the current quarter. Rob Latour/Shutterstock The dour outlook offset fiscal third-quarter results that topped analysts’ estimates, with Apple reporting revenue of $109.4 billion and earnings of $2.02 a share.

June-quarter iPhone sales reached a record $54.25 billion, but weaker iPad and services revenue added to concerns that growth is beginning to cool.

Cook, making his final earnings call before handing the CEO reins to John Ternus on Sept. 1, said the company is grappling with an unprecedented surge in memory-chip pricing that has crimped margins.

He also said Apple’s product shortages stemmed largely from stronger-than-expected demand rather than broader supply-chain disruptions.

The sharp selloff marked a dramatic reversal for Apple, shares of which climbed to a record high earlier this week and briefly pushed the company above a $5 trillion market valuation.

Investors will now turn their attention to whether Apple can ease supply constraints and reignite growth as Ternus prepares to take over as chief executive next month.

Apple shares plunged nearly 10%, wiping out roughly $475 billion in market value after the company issued disappointing guidance. REUTERS

Amazon shares surged more than 15% after the e-commerce giant posted blowout quarterly results that topped Wall Street expectations. NurPhoto via Getty Images Amazon shares surged more than 15% after the e-commerce giant posted blowout quarterly results, with revenue of $200.61 billion and earnings of $5.75 a share easily topping Wall Street expectations.

Investors also cheered accelerating growth at its AWS cloud business and upbeat commentary around artificial intelligence, prompting a wave of analyst price-target hikes.

Elsewhere, IES Holdings jumped 33.9% to $765.50, AXT soared 29.6% to $60.84 and Ambarella climbed 19.6% to $88.58.

CareDx and SPX Technologies each gained about 15%, while Newell Brands, Banco Santander Brasil and MSA Safety rose roughly 12%.

31.7.2026 19:46

Americké akciové trhy se dnes obchodují v oscilačním módu, když silné výsledky Amazonu a pokračující zájem o téma AI narážejí na jestřábí komentáře představitelů Fedu, růst výnosů a výrazný propad Applu. Amazon posiluje takřka 15 % po nejrychlejším růstu tržeb za více než čtyři roky a navázal tak na pozitivně přijaté výsledky Microsoftu (MSFT +2,72 %) a Alphabetu (GOOG +6,14%), které investorům dodaly větší důvěru, že vysoké investice do umělé inteligence začínají přinášet viditelný efekt. Naopak Apple ztrácí nebývale vysoká % po varování, že růst zasáhnou omezení v dodávkách, a zároveň přetrvávají obavy z dopadu vyšších cen iPhonů. Tržní náladu brzdí nejistota kolem sazeb poté, co Fed tento týden ponechal základní sazbu beze změny, ale několik představitelů centrální banky veřejně podpořilo potřebu dalšího zvýšení sazeb kvůli inflačním rizikům. Makrodatem dnešního dne byl červnový Index spotřebitelské důvěry University of Michigan, ktrerý předčil očekávání. 

Z hlediska sektorů dnes nejvíce vyniká zbytná spotřeba, která díky prudkému růstu Amazonu přidává kolem 5 %, zatímco technologický sektor ztrácí přes 1,6 % pod tlakem Applu. Polovodiče se po slabém červenci stabilizují jen částečně; Philadelphia Semiconductor Index je dnes poblíž nuly, ale za celý měsíc ztrácí zhruba 20 %, což by znamenalo nejhorší měsíční pokles od roku 2008. Naopak širší trh mimo největší technologické tituly působí odolněji, když rovnoměrně vážený index S&P 500 míří ke čtvrtému měsíčnímu růstu v řadě. Výnos dvouletého amerického dluhopisu vzrostl o 7 bazických bodů na 4,29 % a desetiletý výnos posílil o 6,35 bodu na 4,727 %, nejvýše od ledna 2025; třicetiletý výnos se dostal na 5,2584 %, tedy nejvýše od poloviny roku 2007. Ropa v červenci výrazně rostla a dnes znovu zdražuje kvůli narušené dopravě přes Hormuzský průliv, zatímco zlato klesá o 1,52 % na 4 040,70 USD za unci.

Z jednotlivých titulů dominuje Amazon, jehož výsledky znovu přitáhly kapitál do AI a cloudového tématu, protože silný růst cloudu zmírnil obavy z vysokých kapitálových výdajů. Microsoft přidává nadále roste po předchozím rekordním jednodenním růstu a výhledu silné tvorby hotovosti do fiskálního roku 2027, roste Alphabet i Meta. V polovodičích posiluje Nvidia (NVDA +2,2 %), zatímco Monolithic Power Systems (MPWR +8,52 %) skáče po výhledu tržeb pro třetí kvartál nad odhady analytiků. Na opačné straně stojí Apple s poklesem o 9,6 % kvůli varování před dopadem dodavatelských omezení a GoDaddy, který propadá o 20 % po zúžení celoročního výhledu tržeb. Výsledky reportoval Exxon (XOM -1,64 %), který navyšuje produkci avšak potíže v Hormuzu výsledky kazí. Mimo USA zaujal jihokorejský KOSPI růstem o 17,91 %, když se prudce odrazil po předchozích ztrátách a stal se symbolem extrémních výkyvů nálady vůči AI a polovodičovým akciím.

Index S&P 500 roste o 0,46 % na 7471,98 b.
Index Dow Jones roste o 0,48 % na 52438,21 b.
Index Nasdaq Composite roste o 0,43 % na 25277 b.

Nejsilnější sektory S&P Změna Nejslabší sektory S&P Změna Nezbytná spotřeba +5,9 % Základní materiály -2,6 % Sektor komunikací +3,8 % Informační technologie -1,1 % Průmysl +1 % Zdravotní péče -0,5 % Nejsiln ější akcie S&P Změna Nejslabší akcie S&P Změna Amazon.com (AMZN) +15 % GODADDY I (GDDY) -21 % Dexcom (DXCM) +11 % COINBS GBL A O (COIN) -12 % Monolithic Power Systems (MPWR) +9,2 % Corteva (CTVA) -11 % VERTIV HLD A O (VRT) +8,2 % Apple (AAPL) -9,7 % Eaton (ETN) +7,2 % Stryker (SYK) -6,7 % Zdroj: Reuters

Martin Varecha
Fio banka, a.s.
Prohlášení

Apple Inc. delivered record Q3 results, but shares fell 6% post-earnings amid supply and margin concerns. iPhone sales are on track for 25% annual growth, with 'Greater China' and India leading regional outperformance. Q4 guidance decelerates to 9–11% growth, citing FX headwinds and AI-driven supply constraints impacting advanced silicon and memory costs.

Apple (AAPL) shares fell nearly 7% on Friday after the company's fourth-quarter outlook came in below analyst expectations, while GF Securities lowered its rati

Apple Today

$301.02 -32.42 (-9.72%)

As of 12:49 PM Eastern

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52-Week Range$201.50▼

$344.57Dividend Yield0.36%

P/E Ratio36.40

Price Target$331.60

Just before reporting earnings, the question hanging over Apple Inc. NASDAQ: AAPL was whether a stock sitting at record highs could still be a buy. The company's report has answered that question in the most frustrating way imaginable for its bulls: with an excellent quarter the market chose to hate on anyway.

The numbers left very little to complain about. Apple delivered its strongest June quarter on record, with revenue climbing 16% year-over-year to beat expectations comfortably. iPhone sales jumped more than 20%, Mac revenue surged nearly 30%, and earnings came in ahead of consensus. On almost any objective measure, this was a business firing on all cylinders.

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And yet the stock fell sharply after the report. For anyone who watched Apple march to a $5 trillion valuation ahead of the print, that reaction says everything about the expectations the company was carrying into it.

Why a Great Quarter Wasn't EnoughThe explanation lies not in what Apple just did, but in what it said comes next. Alongside the strong results, management guided to revenue growth of 9% to 11% for the current quarter, which landed below the roughly 12% Wall Street had been looking for. In a market this finely tuned, that gap was all it took.

Compounding the softer guidance were a couple of specific headwinds. Apple’s expecting a meaningful currency drag on the quarter ahead, alongside growing supply constraints tied to the same soaring memory costs that are squeezing hardware makers across the industry. Together, those were enough to overshadow an otherwise stellar set of results.

This is the classic danger of a stock priced for perfection. When a company is valued as richly as Apple, a great quarter is simply the baseline expectation, and anything less than flawless guidance becomes a reason to take profits. The results were strong, just not strong enough to clear the extra-high bar that the recent gains had set.

The Bull Case Remains CompellingOverall MarketRank™89th Percentile

Analyst RatingModerate Buy

Upside/Downside9.4% Upside

Short Interest LevelHealthy

Dividend StrengthStrong

News Sentiment0.80 Insider TradingSelling Shares

Proj. Earnings Growth9.25%

See Full Analysis

Step back from the guidance, though, and the longer-term picture still looks solid. This was a business generating enormous amounts of cash, with record operating cash flow allowing Apple to return a vast sum to shareholders through buybacks and dividends in the quarter alone. That kind of financial firepower, and ongoing confidence, is exactly what underpins the long-term bull case.

In that context, you could make a reasonable argument that the post-earnings sell-off is an overreaction. The bulls have a point that the soft guidance reflects supply constraints rather than any deterioration in underlying demand, which is a crucial distinction. If Apple cannot make enough product to meet demand because of supply chain shortages, that’s a very different, and far more solvable problem, than customers simply not wanting its devices.

The Bear Case Has Teeth TooThe skeptics, however, have some valid concerns, and they start where they always do with Apple: valuation. Even after the pullback, the stock trades at a substantial premium to its own historical average and to its mega-tech peers, despite a growth profile that arguably doesn’t justify such a gap.

The bears will also point out that once the benefit of some one-off tariff refunds is stripped out, the underlying earnings beat was actually one of the slimmest Apple has delivered in years, which rather undercuts the "blowout quarter" narrative the company presented.

Then there are the specific risks on the horizon. Rising memory costs will continue to threaten margins, potential price increases on the next iPhone could test demand, and the upcoming transition to a new CEO introduces uncertainty at the very top of the company. None of these are fatal, but together they give the more cautious investors plenty of reasons to stay on the sidelines.

Weighing Up the Stock From HereThe reality is that both sides have a point. Apple's business is performing well, but these headwinds are real, and at its current valuation, it’s understandably a lot easier to sell the stock than to buy it right now.

For the long-term believers, however, a pullback in a company this dominant, this profitable and this capable of reinventing its own growth story could end up being a golden entry opportunity. Apple still carries a Moderate Buy rating on MarketBeat, with a street-high price target of $400. With shares due to open today around the $310 mark, that’s an impressive 30% or so in targeted upside for a company that just reported a record quarter.

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U.S. stocks traded higher midway through trading, with the Dow Jones index gaining around 200 points on Friday.

The Dow traded up 0.38% to 52,406.69 while the NASDAQ rose 0.25% to 25,184.43. The S&P 500 also rose, gaining, 0.22% to 7,453.96.

Leading and Lagging Sectors

Consumer discretionary shares jumped by 5.6% on Friday.

In trading on Friday, materials stocks fell by 2.7%.

Top Headline

Shares of Apple Inc (NASDAQ:AAPL) fell more than 9% on Friday after the company posted results for the third quarter.

Apple posted fiscal third-quarter revenue of $109.42 billion, beating analyst estimates of $108.65 billion. The Cupertino-based company reported earnings of $2.02 per share for the quarter, beating estimates of $1.89 per share, according to Benzinga Pro.

Apple said it sees fourth-quarter sales of $111.688 billion to $113.737 billion, versus estimates of $114.840 billion.

Equities Trading UP
           

Equities Trading DOWN

Commodities

In commodity news, oil traded up 1% to $84.39 while gold traded down 1.5% at $4,098.30.

Silver traded down 2.2% to $57.67 on Friday, while copper fell 0.4% to $6.4495.

Euro zone

European shares were mostly lower today. The eurozone’s STOXX 600 slipped 0.1%, while Spain’s IBEX 35 Index fell 0.1% London’s FTSE 100 fell 0.2%, Germany’s DAX declined 0.1%, while France’s CAC 40 gained 0.3%.

Asia Pacific Markets

Asian markets closed higher on Friday, with Japan’s Nikkei 225 surging 4.03%, Hong Kong’s Hang Seng index rising 0.01%, China’s Shanghai Composite gaining 0.72% and India’s BSE Sensex gaining 0.21%.

Economics

U.S. employment costs increased by 0.9% in the second quarter, up from market estimates of a 0.8% rise. The University of Michigan’s consumer sentiment index rose to 55.2 in July versus a preliminary reading of 54.0. Photo via Shutterstock

Market News and Data brought to you by Benzinga APIs

© 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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Key Takeaways Apple's fiscal Q3 sales rose 16.4% to $109.42 billion as iPhone, Mac and Services set June records.iPhone sales climbed 21.7% to $54.25 billion, driven by strong demand for the iPhone 17 family.Apple expects Q4 revenue growth of 9-11%, with supply constraints and higher memory costs pressuring results. Apple (AAPL - Free Report) delivered third-quarter fiscal 2026 earnings of $2.02 per share, up 28.7% year over year. After adjusting for non-recurring items, earnings were $1.91 per share, which beat the Zacks Consensus Estimate by 1.6%.

Net sales increased 16.4% year over year to $109.42 billion, surpassing the consensus mark by 0.6%. The results reflected record June-quarter revenues from iPhone, Mac and Services. Apple’s installed base exceeded 2.5 billion active devices, reaching an all-time high across all major product categories and geographic segments.

AAPL's iPhone and Mac Set June RecordsProduct sales increased 18.1% year over year to $78.68 billion and accounted for 71.9% of total revenues. iPhone remained the primary growth engine, with sales rising 21.7% year over year to $54.25 billion. The category set June-quarter records across every geographic segment and benefited from strong demand for the iPhone 17 family.

Mac sales surged 28.7% year over year to $10.35 billion, driven by MacBook Neo and MacBook Pro. Apple achieved records for both upgraders and customers new to Mac, despite supply constraints tied mainly to advanced-node chips used in its systems.

Apple Services Extend Recurring Revenue GrowthServices revenues advanced 12.1% year over year to a June-quarter record of $30.74 billion. The segment represented 28.1% of total sales and produced records across every services category.

Cloud and payment services reached all-time highs, while advertising, the App Store, AppleCare, Music and video posted June-quarter records. Paid subscriptions surpassed 1.5 billion, supported by record transacting and paid accounts. However, Apple noted softness in mobile gaming and changes to the App Store business model in certain markets.

AAPL's Other Product Categories Deliver Mixed ResultsiPad sales declined 5.9% year over year to $6.19 billion, reflecting a difficult comparison with the prior-year launch of the A16-powered iPad. Still, the iPad installed base reached a record, and more than half of quarterly buyers were new to the product.

Wearables, Home and Accessories sales increased 6.5% year over year to $7.88 billion. Growth was broad-based across developed and emerging markets. Apple Watch set a June-quarter record for upgraders, while more than half of customers purchasing the device were first-time buyers.

Apple Posts Broad-Based Geographic GrowthAmericas sales rose 11.1% year over year to $45.78 billion and remained Apple’s largest geographic market. Europe revenues jumped 22.4% year over year to $29.40 billion.

Greater China sales also climbed 22.4% to $18.82 billion, supported by strength across Apple’s product portfolio. Japan sales increased 13.4% to $6.55 billion, while Rest of Asia Pacific sales grew 15.6% to $8.87 billion. The company achieved June-quarter revenue records across every geographic segment.

AAPL's Margins Gain From Tariff RefundsGross margin expanded 360 basis points (bps) on a year-over-year basis to 50.1%. The result included a favorable impact of roughly 2 percentage points from tariff refunds. Products gross margin was 40.1%, up 140 bps sequentially. Services gross margin reached 75.6%, down 110 bps sequentially, primarily attributed to unfavorable mix.

Operating expenses increased 22.9% year over year to $19.08 billion as Apple stepped up research and development (R&D) investments. R&D expenses surged 32.3% year over year to $11.73 billion, while selling, general and administrative expenses rose 10.5% to $7.35 billion.

Operating income increased 26.6% year over year to $35.70 billion.

Apple Cash Flow Supports Shareholder ReturnsApple ended the period with $147 billion in cash and marketable securities and $84 billion in total debt.

Operating cash flow totaled $34.4 billion during the quarter, setting a June-quarter record.

The company returned $33 billion to shareholders, including $25.8 billion through share repurchases and $4 billion in dividends and equivalents. The board declared a quarterly dividend of 27 cents per share.

AAPL Outlook Flags Supply and Memory PressureFor the fourth quarter of fiscal 2026, Apple expects revenues to increase 9% to 11% year over year. Management anticipates foreign exchange to reduce the growth rate by about 2.5 percentage points sequentially, while supply constraints are expected to intensify across iPhone, Mac and iPad.

Apple expects iPhone to grow at mid-teens year over year in the September quarter. Services year-over-year reported growth rate is expected to be largely similar to June growth rate after removing the 2.5 percentage point negative impact from foreign exchange.

Gross margin is projected between 47% and 48%, including a roughly 1-percentage-point benefit from tariff refunds. Operating expenses are expected between $19.1 billion and $19.4 billion.

Apple also expects higher memory costs to pressure profitability, partially offset by carry-in inventory, lower costs for certain non-memory components and favorable product mix.

Zacks Rank & Stocks to ConsiderCurrently, Apple carries a Zacks Rank #3 (Hold).

Shopify (SHOP - Free Report) , Sandisk (SNDK - Free Report) and HubSpot (HUBS - Free Report) are some better-ranked stocks in the broader Zacks Computer and Technology sector. While Sandisk sports a Zacks Rank #1 (Strong Buy) at present, Shopify and HubSpot carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.

Shopify, Sandisk and HubSpot are expected to report their quarterly results on Aug. 5. Shares of Sandisk have jumped 457.3%, while Shopify and HubSpot have dropped 24% and 41.9%, year to date, respectively.

U.S. stock futures were higher this morning, with the Nasdaq 100 futures gaining around 300 points on Friday.

Shares of Apple Inc (NASDAQ:AAPL) fell sharply in pre-market trading after the company posted results for the third quarter.

Apple posted fiscal third-quarter revenue of $109.42 billion, beating analyst estimates of $108.65 billion. The Cupertino-based company reported earnings of $2.02 per share for the quarter, beating estimates of $1.89 per share, according to Benzinga Pro.

Apple said it sees fourth-quarter sales of $111.688 billion to $113.737 billion, versus estimates of $114.840 billion.

Apple shares dipped 7.4% to $309.00 in pre-market trading.

Here are some other stocks moving lower in pre-market trading.

Photo via Shutterstock

Market News and Data brought to you by Benzinga APIs

© 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

To add Benzinga News as your preferred source on Google, click here.

For much of the past decade, investors could count on one thing: Apple (NASDAQ:AAPL | AAPL Price Prediction) rarely disappointed. Under Tim Cook, the company became the first to reach $1 trillion, before going on to surpass $2 trillion, $3 trillion, $4 trillion, and briefly $5 trillion in market value while building one of the most profitable businesses in history. 

Yet even the best operators eventually encounter forces beyond their control. Apple’s fiscal third-quarter results yesterday showed a company still setting records, but management also warned that an unprecedented supply crunch will cap sales in the current quarter. The market focused on the near-term pain and knocked roughly 7.7% off Apple’s stock, wiping out about $350 billion in value. Cook will be stepping down as CEO in September and be replaced by John Ternus.

Record Results Overshadowed by a Historic Bottleneck Apple’s Q3 revenue climbed to a June-quarter record of $109.4 billion, while earnings of $2.02 per share also reached a new high. Services continued to expand, and Apple’s installed base of active devices of over 2.5 billion also hit another record, reinforcing the loyalty that has made the ecosystem so valuable over the years.

The problem wasn’t the quarter Apple reported. It was the quarter ahead. Cook previously described the supply disruption as a “hundred-year flood,” and warned yesterday that shortages of memory and other components would constrain shipments of iPhones, Macs, and certain iPads during fiscal fourth quarter. Guidance for those product categories came in below Wall Street expectations despite demand remaining healthy.

Importantly, Apple isn’t warning that customers are disappearing. It is warning that it can’t build enough products to satisfy them.

Even a $109 billion record quarter couldn't stop a $350 billion wipeout. Inside the 'hundred-year flood' threatening the world's most valuable tech giant. © 24/7 Wall St. The Real Battle Is Happening in Memory The shortage has evolved into a public dispute between Apple and memory supplier Micron Technology (NASDAQ:MU). Apple has argued that rising memory prices amount to price gouging and is seeking government permission to source certain blacklisted Chinese components to ease shortages.

Micron argues Apple and other large customers spent years using their purchasing power to negotiate lower prices during industry downturns, discouraging investment in new manufacturing capacity. When artificial intelligence created an unexpected surge in demand for high-bandwidth memory, the industry lacked sufficient production to satisfy everyone.

Years of cyclical pricing pressure kept capacity disciplined, while AI accelerated demand far faster than memory manufacturers anticipated. The result is today’s shortage, where even Apple cannot buy every component it needs.

Investors Should Focus on What Happens After the Flood Wall Street largely views Apple’s problem as delayed demand rather than destroyed demand.

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Apple customers have repeatedly shown they’re willing to wait for new devices. The company has also demonstrated unusual pricing power. Apple is raising prices later this year to offset higher component costs, yet analysts broadly expect only modest demand impacts because of the strength of the ecosystem and customer loyalty.

Granted, near-term estimates will probably come down. Revenue deferred into future quarters still affects quarterly results and investor sentiment. That said, long-term investors should separate operational execution from industry-wide supply constraints.

Memory production is expanding, and pricing typically moderates after capacity catches up with demand. When that happens, Apple should once again be able to satisfy demand that already exists rather than spending quarters constrained by unavailable components.

Key Takeaway In short, Apple’s latest earnings did not expose a weakening franchise. They exposed the limits of even Tim Cook’s supply-chain expertise during an industrywide shortage unlike anything the company has previously experienced.

The market, though, responded by focusing on the next three months. Smart investors should spend more time thinking about the next three years.

Apple still generates record quarterly results, maintains one of the world’s strongest consumer ecosystems, and serves a customer base that has repeatedly proven willing to wait — and pay — for its products. Regardless of whether memory prices remain elevated for another quarter or two, supply constraints eventually ease. When they do, delayed sales have an opportunity to flow back into Apple’s results. 

For patient shareholders, this sharp pullback is not the end of Apple’s growth story. It is just another chapter in a business that has repeatedly recovered from temporary setbacks.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Apple didn't make the cut. Grab the names FREE today.

Contact [email protected] for any questions or corrections.

As Apple Inc. (NASDAQ: AAPL) reported its strongest June quarter ever, revealing mixed performance, nearly a dozen Wall Street analysts set their 12-month forecasts.

On July 31, Michael NG, an analyst at Goldman Sachs Group Inc. (NYSE: GS), reiterated a Buy rating for Apple stock. Michael, however, cut his 12-month price target for AAPL stock to $360 from $370. 

Apple stock closed Thursday trading at $333.43; however, the shares fell by 7.74% to $307.64 during the pre-market. As such, this expert signals a potential upside of 17.02%.

The bank said the third quarter results for the company’s fiscal 2026, which ended on June 27, were largely in line. However, Michael said that weaker-than-expected Q4 guidance on revenue growth and margins weighed on the outlook. 

Nonetheless, Goldman expects sentiment to improve as price increases. Furthermore, the analyst expects new AI features and product launches to support revenue and margins.

Average Apple stock forecast from Wall Street analysts  Earlier on Friday, Brandon Nispel, an analyst from KeyBanc, reiterated a ‘Sell’ rating for AAPL shares. He set a 12-month price target of $250, which represents a possible 25.02% sell-off. 

Meanwhile, among the analysts who reiterated a Hold rating for Apple stock earlier today are Barton Crockett at Rosenblatt Securities, David Vogt from UBS, and Laura Martin from Needham.

Consequently, 28 analysts surveyed by TipRanks have set an average 12-month price target of $333.37, which equates to an increase of around 8.36%. Essentially, Wall Street analysts are moderately bullish on this company over the coming 12 months. 

AAPL price outlook After hitting an all-time high of slightly above $344 earlier this week, AAPL price has tumbled over 10%, fueled by the mixed earnings report. 

AAPL stock price. Source: TradingView

Moreover, Apple beat Wall Street expectations on revenue, Earnings per share (EPS), operating income, and net income. This was driven by strong demand in iPhone, Mac, and Products growth, amid increased operating cash flow, up 43.1% year-over-year (YoY).

However, the company’s services missed estimates at $30.74 billion against $31.36 billion expected, as iPad revenue fell 5.9% YoY. Apple noted that Greater China’s revenue was $18.82 billion versus a $ 19.58 billion estimate.

As a result, Apple stock outlook over the next 12 months could be affected by the products the company launches in its upcoming September event.

HomeIndustriesComputers/ElectronicsTech StocksTech StocksInvestors are reacting negatively to weak guidance brought on by supply-chain pressuresJuly 31, 2026, 9:51 a.m. ET

Investors had come to view Apple’s stock as a port in the storm of artificial-intelligence uncertainty, but the company’s latest earnings report showed it’s not immune to AI pressures.

Apple’s stock AAPL was down 9.3% in morning trading Friday, on track to post its most negative one-day reaction to earnings in more than a decade. While the company saw strong traction with its Mac and iPhone businesses in the most recent quarter, it is feeling the sting of high memory prices — and the problems could linger.

Lo Toney z Plexo Capital si myslí, že investoři mění svá hodnocení čtvrtletních výsledků technologických společností. Dva technologičtí analytici Dan Ives a Gil Luria přijali pozvání na rozhovor ke Stevu Eismanovi a hovořili o řadě téma včetně návratnosti investic do AI. Steven Rattner z Willett Advisors si myslí, že Čína toho z USA nemusí mnoho kupovat, Spojené státy jsou na ní ale závislé více. A proto Čína v současných obchodních tenzích vyhrává.

Investoři mění způsob hodnocení výsledků firem: Alphabet ukazuje, že umělá inteligence pomáhá jeho výsledkům, ale zároveň zvýšil své investiční výdaje. Na CNBC to připomněl Lo Toney z Plexo Capital, podle kterého zveřejněné výsledky této společnosti a reakce akcií na ně ukazují, že se změnilo to, jak investoři hodnotí čtvrtletní čísla. „Růst tržeb je nutný, ale ne dostačující.“ Stále více se hledí i na to, kolik kapitálu je nutno pro růst tržeb investovat a jak rychle se to na tržbách a ziscích projeví. A pozornost je věnována stále více i kapitálové struktuře společností, tedy tomu, jaký je poměr dluhů k vlastnímu jmění. To vše neplatí jen o institucionálních investorech, ale i o těch retailových.

Investiční boom umělé inteligence a „vy si bojujte, my vyhrajeme.“ Dva technologičtí analytici Dan Ives a Gil Luria přijali pozvání na rozhovor ke Stevu Eismanovi a debata se samozřejmě týkala zejména nových technologií a umělé inteligence. Luria poukázal na to, že nyní se hovoří především o tom, jaké návratnosti bude u investic do AI skutečně dosahováno. Týká se to i konkrétních firem a jako příklad můžeme uvést Microsoft. U něj totiž lze argumentovat, že jeho investice do AI se nezaplatí, a navíc na něj dolehne to, že AI bude nahrazovat tradiční software. Podle analytika se ale u této firmy dá stejně tak tvrdit, že investice se zaplatí a softwarové produkty Microsoftu budou i dál široce používány. Ives zopakoval, že podle něj probíhá další průmyslová revoluce, nicméně na trhu se budou opakovat období, kdy budou vládnout pochyby.

Eisman připomněl, že vysoké investice do AI nyní znamenají, že řada společností se stává náročných na kapitál. Musí vydávat nové akcie a dluhopisy, přestože tak po dlouhou řadu let nečinily a vše financovaly z toho, co vydělaly. K tomu nemusí být v oblasti modelů umělé inteligence žádná konkurenční výhoda a vývoj může směřovat ke komoditizaci a nízkým cenám za využívání AI. Ives k tomu řekl, že i podle něj bude ke komoditizaci samotných modelů docházet, hodnota bude v datech, která mají společnosti k dispozici. Společnosti budou „budovat své AI ekosystémy“, které konkurenční výhody mít budou.

Ives zopakoval svou tezi, podle které bude „AI párty“ trvat ještě řadu let. Firmy, které do této technologie neinvestují, pak podstupují riziko, že „na tuto párty přijdou pozdě“. Tím se diskuse přesunula k Applu, který se na rozdíl od řady jiných technologických společností drží v pozadí. Ives k tomu uvedl, že řada lidí po celém světě bude AI používat přes mobilní telefony. Luria dodal, že Apple stojí stranou a nechává ostatní, ať vymyslí a vyřeší všechny problémy.

„Pak bude používat ten nejlepší model, ten se ale v jeho zařízeních bude jmenovat Nová Siri. Vy bojujte, my hrajeme.“ Luria pokračoval s tím, že mezi softwarovými společnostmi jsou ve vztahu k AI „ty dobré, mezi ně patří třeba Microsoft a Palanit. A pak ty horší, třeba Salesforce.“ Ives dodal, že Apple má výbornou pozici pro monetizaci umělé inteligence na straně spotřebitelů.

Trumpovým cílem může být chaos, Čína obchodní potyčky vyhrává: Clům a obchodním tenzím nebyla nějaký čas věnována taková pozornost, ovšem ne kvůli tomu, že by jejich důležitost upadala. Nyní podle Bloombergu americká vláda v této oblasti přichází s řadou kroků a situaci komentoval Steven Rattner z Willett Advisors. Ten připomněl, že původní cla byla soudně zrušena, nyní se vláda snaží o jejich obnovu na základě konkrétních obchodních dohod. Tedy způsobem, který už není tak jednoduchý a přímočarý jako předtím.

Trump se „pokouší využít čehokoliv v obchodních dohodách, aby uvalil cla na kohokoliv, kdo se mu právě znelíbil nebo se postavil proti němu. Bude toho teď hodně, děje se to u léků, jeden den cla zavedou, pak je pozdrží,“ řekl Rattner s tím, že trhy by v takové situaci obvykle reagovaly citlivě, ale nyní se zaměřují na jiné věci. A co ukazují reálná data k tvrzení, že cla mají do USA přenášet výrobu ze zahraničí? Expert k tomu řekl, že tento přesun vrcholil na konci Bidenova funkčního období, od té doby navzdory některým tvrzením počet nově budovaných továren ve Spojených státech klesá.

Rattner dodal, že datová centra nejsou považována za továrny a do uvedených dat se tedy mohutné investice hyperscalerů nepromítají. Určitý posun k výrobě na domácí půdě sice probíhá, ale promítají se do něj i zkušenosti firem získané po roce 2020. Ty ukazují, že někdy je lepší mít výrobu doma než dovážet třeba z asijských zemí. „Trump tomuto posunu pravděpodobně trochu pomohl, ale fundamentálně je výroba na stejné trajektorii jako během posledních padesáti let. Tedy na klesajícím trendu.“

K rozpočtovým deficitům Rattner řekl, že cla na ně nemají v podstatě žádný dopad, nedochází k tomu, že by příjmy z nich deficity snižovaly. Podle experta si ani Trump nemyslel, že by k něčemu takovému mohlo dojít. „Tohle není rok 1800, kdy byla cla skutečně použita na vyrovnání rozpočtu a splacení vládních dluhů,“ dodal expert. Na Bloombergu se pak hovořilo o tom, že podle některých názorů Trump svým neustálým ohlašováním nových cel a následným pozdržováním jejich platnosti a změnami jejich výše chce vytvořit nejistotu, která sama o sobě bude motivovat americké společnosti, aby prostě vyráběly doma a nemusely se tímto tématem zabývat. Rattner  k tomu zmínil, že neví, zda tomu tak skutečně je, ale že Trump takhle přemýšlet může.

Vývoj také potvrzuje, že „je toho jen velmi málo, co Čína potřebuje kupovat od Spojených států a nemůže to sehnat jinde. A je toho hodně, včetně vzácných minerálů, co Spojené státy musí kupovat od Číny.“ Ta proto „vyhrává“, protože je toho jen velmi málo, co musí dovážet, avšak Spojené státy „si mohou vystačit bez hraček“, ale ne bez řady dalších položek, které z Číny dováží.

Posted by Defense World Staff on Jul 31st, 2026

Collaborative Wealth Managment Inc. cut its stake in shares of Apple Inc. (NASDAQ:AAPL – Free Report) by 25.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 21,075 shares of the iPhone maker’s  stock after selling 7,148 shares during the period. Apple accounts for 2.5% of Collaborative Wealth Managment Inc.’s holdings, making the stock its 11th largest position. Collaborative Wealth Managment Inc.’s holdings in Apple were worth $5,349,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently made changes to their positions in the company. Norges Bank acquired a new position in Apple in the 4th quarter valued at $52,266,468,000. Nuveen LLC acquired a new stake in shares of Apple during the first quarter worth $17,472,482,000. Cardano Risk Management B.V. boosted its position in shares of Apple by 890.7% in the fourth quarter. Cardano Risk Management B.V. now owns 41,984,810 shares of the iPhone maker’s stock valued at $11,413,990,000 after acquiring an additional 37,746,784 shares during the period. Laurel Wealth Advisors LLC boosted its position in shares of Apple by 20,464.8% in the second quarter. Laurel Wealth Advisors LLC now owns 27,069,029 shares of the iPhone maker’s stock valued at $5,553,753,000 after acquiring an additional 26,937,401 shares during the period. Finally, Vanguard Group Inc. grew its stake in shares of Apple by 1.9% in the fourth quarter. Vanguard Group Inc. now owns 1,426,283,914 shares of the iPhone maker’s stock valued at $387,749,545,000 after acquiring an additional 26,856,752 shares in the last quarter. Institutional investors own 67.73% of the company’s stock.

Trending Headlines about Apple Here are the key  news stories impacting Apple this week:

Recent news headlines

Positive Sentiment: Apple reported record June-quarter revenue of approximately $109.4 billion, up 16% year over year, while diluted EPS of $2.02 rose 29% and exceeded Wall Street expectations. Strong iPhone and Mac sales drove the results. Apple reports third quarter results Positive Sentiment: The company said its active installed base reached an all-time high, and iPhone, Mac and Services each posted June-quarter revenue records. Apple also declared a quarterly dividend of $0.27 per share. Apple Q3 revenue rises Neutral Sentiment: Apple indicated that a revamped Siri could eventually become a paid service for heavy users, offering a potential long-term monetization opportunity as the company expands its consumer-AI strategy. Tim Cook says Apple may charge for AI Siri Neutral Sentiment: Thursday marked Tim Cook’s final earnings call as CEO before he steps down in September, adding leadership-transition uncertainty despite incoming CEO John Ternus’s expected continuity. Negative Sentiment: Apple’s fiscal fourth-quarter revenue outlook of $111.7 billion to $113.7 billion was below the roughly $114.3 billion consensus estimate. The cautious forecast is a key reason the stock has decreased despite the quarterly beat. Negative Sentiment: The generative-AI hardware boom is driving severe memory and component shortages. Apple is stockpiling inventory, but CEO Tim Cook warned that the impact of higher memory prices will worsen, pressuring product margins and potentially requiring further price increases. The quarter’s 50.1% gross margin benefited by about two percentage points from tariff refunds, a benefit that may not recur. Apple stockpiles inventory Negative Sentiment: Services revenue missed expectations, with Apple citing a slowdown in gaming and the effects of App Store changes. Weaker-than-expected China performance also raised concerns about regional demand and competition. Negative Sentiment: With Apple valued near $5 trillion and trading at roughly 40 times earnings, investors had set very high expectations. That premium leaves less room for disappointment in growth, margins or guidance. Apple forecasts slower growth Apple Price Performance Discover more

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Apple stock opened at $333.43 on Friday. The stock has a fifty day moving average of $309.51 and a 200-day moving average of $281.25. The stock has a market capitalization of $4.90 trillion, a P/E ratio of 40.32, a price-to-earnings-growth ratio of 2.92 and a beta of 1.10. The company has a debt-to-equity ratio of 0.70, a quick ratio of 1.02 and a current ratio of 1.07. Apple Inc. has a 52 week low of $201.50 and a 52 week high of $344.57.

Apple (NASDAQ:AAPL – Get Free Report) last released its earnings results on Thursday, July 30th. The iPhone maker reported $2.02 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.89 by $0.13. The firm had revenue of $109.42 billion for the quarter, compared to analysts’ expectations of $109.04 billion. Apple had a return on equity of 146.69% and a net margin of 27.15%.The business’s revenue for the quarter was up 16.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.57 earnings per share. On average, sell-side analysts expect that Apple Inc. will post 8.76 earnings per share for the current fiscal year.

Apple Dividend Announcement The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 13th. Investors of record on Monday, August 10th will be issued a dividend of $0.27 per share. The ex-dividend date of this dividend is Monday, August 10th. This represents a $1.08 annualized dividend and a dividend yield of 0.3%. Apple’s dividend payout ratio (DPR) is 13.06%.

Insider Transactions at Apple In other Apple news, insider Ben Borders sold 1,274 shares of the  stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $290.00, for a total value of $369,460.00. Following the completion of the transaction, the insider directly owned 38,713 shares in the company, valued at approximately $11,226,770. This trade represents a 3.19% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.06% of the stock is currently owned by insiders.

Recent news headlines

Analyst Upgrades and Downgrades Several analysts have weighed in on AAPL shares. HSBC upgraded shares of Apple from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $260.00 to $366.00 in a research note on Thursday, July 16th. Jefferies Financial Group reiterated a “hold” rating on shares of Apple in a research report on Tuesday, June 9th. Sanford C. Bernstein reiterated an “outperform” rating on shares of Apple in a research note on Monday, June 8th. KGI Securities lowered Apple from an “outperform” rating to a “hold” rating and set a $315.00 price objective on the stock. in a research note on Monday, June 22nd. Finally, Raymond James Financial set a $380.00 price objective on Apple in a report on Monday, July 20th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating, nine have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, Apple has a consensus rating of “Moderate Buy” and a consensus target price of $327.40.

Check Out Our Latest Stock Report on AAPL

Apple Company Profile (Free Report)

Apple Inc (NASDAQ: AAPL) is a multinational technology company headquartered in Cupertino, California, founded in 1976 by Steve Jobs, Steve Wozniak and Ronald Wayne. The company designs, develops and sells consumer electronics, software and services. Over its history Apple has evolved from personal computers to a broad portfolio that spans mobile devices, wearables, home entertainment and digital services.

Apple’s principal hardware products include the iPhone smartphone, iPad tablet, Mac personal computers, Apple Watch wearable devices and a range of accessories such as AirPods and HomePod.

Read More Five stocks we like better than Apple Microsoft Just Flipped the AI Spending Narrative Overnight Qualcomm’s Turnaround Is Working, So Why Is Wall Street Selling? Meta’s Earnings Show Why Wall Street Is Losing Patience With AI Spending Can Starbucks Keep This Turnaround Going? The Latest Results Say Yes Want to see what other hedge funds are holding AAPL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Apple Inc. (NASDAQ:AAPL – Free Report).

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There's been speculation for a while that Apple (AAPL -1.41%) would eventually launch a major leasing program for its devices. Still, until recently, the company mostly offered leasing plans for its iPhones.

But after Apple rolled out its new Upgrade program just a few days ago, the company is now all-in on letting customers lease their devices -- from the Apple Watch to its Mac computers -- through Klarna.

It's a big move for Apple, and it could make its premium products more affordable for some customers while encouraging others to upgrade to more expensive models.

Image source: The Motley Fool.

Apple offers customers an Upgrade Apple used to have its iPhone Upgrade plan, which let some customers pay for their phones monthly and upgrade to a new one every year, but it's doing away with that plan -- while keeping the Upgrade name -- and rolling out leases for nearly all of its devices.

Apple said in a press release that new iPhones will start at $17.99 under the Upgrade plan, an Apple Watch will start at just $11.99, new iPads will start at $17.99 per month, and Mac leases will start at $24.99 per month. The iPhone and Watch will have leasing options of 12 to 24 months, while the Mac and iPad have 24- to 36-month leases.

Once a customer completes their lease term, they can either upgrade their device to the latest generation, purchase it with a one-time payment, or turn in the device and end the lease. Buy now, pay later payments company Klarna will handle enrollment, approval, and leasing billing, and the payment process will be managed in the Klarna app.

Removing the sticker shock and potentially boosting upgrades The timing of Apple's new Upgrade leasing program is particularly notable because just a couple of weeks ago, the company significantly raised prices across many of its devices. For example, the cost of some of its Macs and iPads jumped by $200 or more.

Apple said the price increases are the result of surging memory processor costs, which have risen as demand for memory in artificial intelligence data centers increases. Many other tech companies are in the same boat as Apple, with their margins squeezed unless they raise device prices.

Apple hasn't announced higher prices for its iPhones, but is expected to do so once the latest generation debuts in the fall.

This is likely why Apple wanted to roll out its new Upgrade program as soon as possible. By giving customers the option to lease their devices instead of paying for them up front, Apple may be able to round off the harsh edges of its recent price increases -- while still maintaining the enviable 39% gross margins it earns on its hardware.

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Investors will want to pay especially close attention to upgrade cycles Apple's goal is pretty obvious, given the name for the new leasing program. Just as with its previous iPhone Upgrade plan, the company hopes that customers who lease their devices will develop a regular habit of upgrading to the newest version of their iPhone, Macs, Watch, etc., when the lease term ends.

And with low monthly payments for some devices, it'll likely be easier for users to justify getting a new device every year or two if the monthly price stays the same, or close to it.

What's more, the new Upgrade program could convince customers to buy devices they wouldn't normally purchase. For example, Apple is rumored to be releasing its first foldable iPhone in September, with a 7.8-inch screen and a premium $2,000 price tag.

That's a hefty sum to pay for a phone, but if some customers can lease it for a reasonable monthly price, then it could spur sales of the high-end device.

Give this some time to bake Investors won't know how successful the new Upgrade program is for at least a few more quarters. Its new iPhones will likely debut sometime in September, and Apple's best-performing quarter is typically its fiscal first quarter, which covers the end of September through December.

This means that by early next year, investors will likely have more insight into whether customers are using Apple's leasing program.

But, at least for now, this looks like a smart move by the company to help ease the pain of its recent price increases -- and potentially convince some customers that a $2,000 phone is worth the cost.

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