Technology / Semiconductor / Internet Research

Nicolas Baratte

Equity Bottom-Up

<ul>
<li>2Q25 small 2% beat. Products revenue (iPhone, Mac, etc) up 3% YoY. Services up 12%. Jun-25: low- to mid-single digit revenue growth YoY (inline), 100bps hit to margins or US$900m. </li>
<li>Good effort to articulate supply chain reshuffle for products sold in US: iPhone from India, the rest from Vietnam. Beyond June, no quantification of impact on costs and demand. </li>
<li>Despite low 5-8% EPS growth, the stock is expensive due to steady Services growth and large cash returns to shareholders. Trading at 29x FY25 EPS, 27x FY26. </li>
</ul>


2Q25 small 2% beat. Products revenue (iPhone, Mac, etc) up 3% YoY. Services up 12%. Jun-25: low- to mid-single digit revenue growth YoY (inline), 100bps hit to margins or US$900m. 
Good effort to articulate supply chain reshuffle for products sold in US: iPhone from India, the rest from Vietnam. Beyond June, no quantification of impact on costs and demand. 
Despite low 5-8% EPS growth, the stock is expensive due to steady Services growth and large cash returns to shareholders. Trading at 29x FY25 EPS, 27x FY26. 


Apple Mar-25 Inline, June Slightly Weak as Tariffs Hit Margins, Supplychain Reshuffling Out of China

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Apple Inc. is facing one of the most turbulent moments in its recent history.</li><li>Over the past week, the company has lost over $700 billion in market capitalization, relinquished its crown as the most valuable U.S. company to Microsoft, and seen its shares plummet by 23% across four trading sessions.</li><li>The sell-off comes on the back of escalating trade tensions between the United States and China, with President Donald Trump introducing a 125% tariff on Chinese imports—directly impacting Apple’s China-dependent supply chain.</li></ul>

Apple Inc. is facing one of the most turbulent moments in its recent history.Over the past week, the company has lost over $700 billion in market capitalization, relinquished its crown as the most valuable U.S. company to Microsoft, and seen its shares plummet by 23% across four trading sessions.The sell-off comes on the back of escalating trade tensions between the United States and China, with President Donald Trump introducing a 125% tariff on Chinese imports—directly impacting Apple’s China-dependent supply chain.

Apple in Crisis Mode? Tariffs, Stock Wipeouts, and Supply Chain Shocks Shake Up the Tech Giant!

Podcast On the Business of Semiconductors, The Circuit

The Circuit

Podcast On the Business of Semiconductors

A Podcast On the Business of Semiconductors. With Jay Goldberg and Ben Bajarin

<ul><li>iPhone 16e starting at $599, positioned as entry level but not bare bones</li><li>Apple targeting customers who hold onto phones for a long time with best battery life in any iPhone</li><li>Modem C1 upgrade seen as key contributor to improved battery life, but was not highlighted in launch, raising questions about performance quality</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

iPhone 16e starting at $599, positioned as entry level but not bare bonesApple targeting customers who hold onto phones for a long time with best battery life in any iPhoneModem C1 upgrade seen as key contributor to improved battery life, but was not highlighted in launch, raising questions about performance qualityThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Episode 106: Apple C1 Modem! More Intel Rumors (FUD!) Previewing Nvidia Earnings

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

<ul><li>Apple Inc. has teamed up with e-commerce giant Alibaba Group Holding Ltd. to develop artificial intelligence (AI) features for iPhones in China, sources familiar with the matter told Caixin.</li><li>The iPhone maker is intensifying its collaboration with Alibaba on AI large model technology, but it remains unclear whether Apple will work exclusively with a single company, according to three sources.</li><li>Apple and Alibaba haven’t replied to Caixin’s inquires.</li></ul>

Apple Inc. has teamed up with e-commerce giant Alibaba Group Holding Ltd. to develop artificial intelligence (AI) features for iPhones in China, sources familiar with the matter told Caixin.The iPhone maker is intensifying its collaboration with Alibaba on AI large model technology, but it remains unclear whether Apple will work exclusively with a single company, according to three sources.Apple and Alibaba haven’t replied to Caixin’s inquires.

Apple, Alibaba Join Forces to Bring AI to iPhones in China 

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

Thematic (Sector/Industry)

<ul><li>This month’s AI landscape reveals a market at an inflection point, with record infrastructure commitments colliding with growing bubble anxiety. </li><li>Meta’s staggering $600-billion US buildout plan and Anthropic’s $50-billion data center announcements underscore that the compute arms race is accelerating, not cooling.</li><li>Yet caution signals are flashing, as CoreWeave trimmed its full-year guidance despite strong 3Q results, while Nvidia, CoreWeave, and Nebius Group all saw pressure on their stocks. </li></ul>

This month’s AI landscape reveals a market at an inflection point, with record infrastructure commitments colliding with growing bubble anxiety. Meta’s staggering $600-billion US buildout plan and Anthropic’s $50-billion data center announcements underscore that the compute arms race is accelerating, not cooling.Yet caution signals are flashing, as CoreWeave trimmed its full-year guidance despite strong 3Q results, while Nvidia, CoreWeave, and Nebius Group all saw pressure on their stocks. 

AI Flow Newsletter : Monitoring The "Currents" Of AI

United States

Apple Inc. designs, manufactures, and markets smartphones, personal computers, tablets, wearables and accessories, and sells a variety of related accessories. The Company also offers payment, digital content, cloud and advertising services. Apple Inc.'s customers are primarily in consumer, small & mid-sized business, education, enterprise and government markets worldwide.

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Apple (AAPL US)

Apple Mar-25 Inline, June Slightly Weak as Tariffs Hit Margins, Supplychain Reshuffling Out of China

Apple's 2Q25 earnings show modest revenue growth. Supply chain reshuffle for US sales will impact margins. Stock remains expensive, steady...

Nicolas Baratte

Apple in Crisis Mode? Tariffs, Stock Wipeouts, and Supply Chain Shocks Shake Up the Tech Giant!

Apple Inc. is facing one of the most turbulent moments in its recent history. Over the past week, the company has lost over $700 billion in market...

Baptista Research

Episode 106: Apple C1 Modem! More Intel Rumors (FUD!) Previewing Nvidia Earnings

Apple's focus on addressing key issues such as battery life and modem efficiency in their entry-level product, the iPhone 16e, to target price...

The Circuit

Apple, Alibaba Join Forces to Bring AI to iPhones in China

Apple Inc. has teamed up with e-commerce giant Alibaba Group Holding Ltd. to develop artificial intelligence (AI) features for iPhones in China,...

Caixin Global

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Apple Mar-25 Inline, June Slightly Weak as Tariffs Hit Margins, Supplychain Reshuffling Out of China

​Apple's 2Q25 earnings show modest revenue growth. Supply chain reshuffle for US sales will impact margins. Stock remains expensive, steady...

Nicolas Baratte

Apple in Crisis Mode? Tariffs, Stock Wipeouts, and Supply Chain Shocks Shake Up the Tech Giant!

Apple Inc. is facing one of the most turbulent moments in its recent history. Over the past week, the company has lost over $700 billion in market...

Baptista Research

Episode 106: Apple C1 Modem! More Intel Rumors (FUD!) Previewing Nvidia Earnings

Apple's focus on addressing key issues such as battery life and modem efficiency in their entry-level product, the iPhone 16e, to target price...

The Circuit

Apple, Alibaba Join Forces to Bring AI to iPhones in China

Apple Inc. has teamed up with e-commerce giant Alibaba Group Holding Ltd. to develop artificial intelligence (AI) features for iPhones in China,...

Caixin Global

AI Flow Newsletter : Monitoring The "Currents" Of AI

This month’s AI landscape reveals a market at an inflection point, with record infrastructure commitments colliding with growing bubble anxiety.

Water Tower Research

Apple's 2Q25 earnings show modest revenue growth. Supply chain reshuffle for US sales will impact margins. Stock remains expensive, steady...