Ternus replacing Cook isn't the catalyst here. Apple's CEO transitions don't move fundamentals because the playbook is the company. Thursday's real read is whether Apple Intelligence has actual usage numbers behind it.
Services is the floor again. 25% of revenue at fat margins, and the buyback prints earnings even when units wobble. iPhone units in China are the wildcard, but the comp is easy after the FY25 air pocket.
What I'd watch on the call: any disclosed adoption metric for Apple Intelligence. Daily active users, queries per device, anything. 2 years in and the silence is louder than a miss would be. If Cook hands Ternus a clean Q2 with no AI numbers, the AI overhang just stays the AI overhang.
$269.56 isn't a dip, it's fair value until earnings prove otherwise. I'm not adding here. I'd add at $250 on a guidance miss, or chase $290 if services growth re-accelerates past 14%.
Ternus the man is fine. Ternus the AI story is the question.Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
