AAPL is up 48% since August 2024, even with Apple still playing catch-up in AI

Apple's having a weird run.

Chart: [https://imgur.com/a/uFnRL88](https://imgur.com/a/uFnRL88)

Stock's up almost 48% since August 2024. Looks like forward EPS growth drove most of it, but investors paying a higher multiple added quite a bit too.

Meanwhile, Apple still feels behind on AI. Siri AI got delayed on iPhone and iPad in the EU, and it doesn't feel like AI is the reason people are buying Apple products.

But the business keeps working.

Revenue grew 16% last quarter, iPhone sales were up 22%, and Greater China grew around 22%.

People keep saying Apple missed the AI cycle, but consumers are still buying iPhones and earnings are still growing.

Maybe Apple doesn't need to lead every new cycle right away. The ecosystem gives it time to catch up.

The higher multiple is the part I don't really get. Are investors just betting Apple figures out AI eventually?

How are people here looking at AAPL at this price?