Apple Q4 earnings preview: Analyst says that there's 'a lot of good news built into the shares'

Core Insights - Apple is experiencing strong demand for the iPhone 17, with management guiding for mid to high single-digit revenue growth for the September quarter [2][3] - There is uncertainty regarding whether the iPhone 17 is part of a major upgrade cycle, but there appears to be pent-up demand for new iPhones [3] - Lead times for iPhones remain extended, which some analysts view as a positive indicator for sales [4] iPhone Demand and Supply Chain - Apple is assembling iPhones in India and other products in Vietnam, which may affect lead time data and performance metrics [5] - The company faces significant competitive pressure in China, where it derives about 10% of its sales [6] AI and Future Hardware - There are concerns about Apple's lack of a compelling AI strategy, which some investors are willing to overlook due to the iPhone's continued dominance in revenue generation [8] - The future of AI hardware remains uncertain, with questions about what will drive AI usage beyond smartphones [9] Services Revenue - The services segment has been performing well, contributing to Apple's multiple expansion due to favorable margins and growth in the installed base across devices [10][11]