苹果的困境：不止于关税 华尔街对其增长前景愈发谨慎

Core Viewpoint - Wall Street is increasingly cautious about Apple's growth prospects despite a solid earnings report, as two firms, Jefferies and Rosenblatt Securities, downgraded the stock rating, leading to a nearly 4% drop in share price [1][3] Group 1: Financial Performance and Market Reaction - Apple's latest earnings report showed strong performance, but the market's reaction was negative due to downgrades from Jefferies and Rosenblatt Securities [1] - CEO Tim Cook indicated that tariffs would increase costs by $900 million in the next quarter, contributing to market uncertainty regarding Apple's growth path [3] Group 2: Tariffs and Supply Chain Adjustments - The latest tariff policies pose significant challenges to Apple's financial outlook, with Cook stating that costs could rise further if trade tensions escalate [3] - Apple is accelerating efforts to reduce reliance on Chinese supply chains, with 50% of iPhones sold in the U.S. now produced in India, and plans to shift most iPads, Macs, and wearables to Vietnam [4] - While these adjustments may mitigate tariff impacts, they introduce new challenges, including potential supply chain inefficiencies and rising production costs [4] Group 3: AI Strategy and Market Concerns - Analysts express concerns over Apple's slow progress in artificial intelligence (AI), with expectations for a strong iPhone upgrade cycle now seen as overly optimistic [5] - Jefferies downgraded Apple's stock to "underperform," citing that the hardware needed for advanced AI features will take years to mature [5] - Rosenblatt Securities also withdrew its "buy" rating, highlighting Apple's lag behind competitors like Google and Microsoft in cloud AI services [5] Group 4: Future Growth Catalysts - Despite solid fundamentals, including better-than-expected iPhone demand and strong service revenue, investors are eager for new growth catalysts [6] - Upcoming events, such as the Worldwide Developers Conference (WWDC) and the iPhone 16 launch, are seen as potential sources of new information and innovation [6] - Analysts note that while Apple remains an efficient operator, it is no longer perceived as a growth story until it can demonstrate leadership in AI [6]