Inflation is booming, consumer buying power is deteriorating and people might hold on to older iphones and macbooks for longer. Majority of AAPL earnings is coming from this segment.
On the other hand rising RAM prices and semis crisis is eating into the margins heavily and pricier electronics during booming inflation doesnt look good for future earnings.
Yet AAPL is at ATHs, forward PE at 37x. Yes, Apple is a magnificent company with bright future, but in mid term the outlook of their cash cow segment is kind of on weak legs.
Is AAPL due for a pullback? It is surprising that it is in heavy uptrend honestly so might have missed something in the thesis which might invalidate it?