Apple's stock can't work without an Iphone replacement cycle, says Needham's Laura Martin

to Apple. This one's been trading for a while. My next guest downgraded the stock in early July from a buy to a hold.She says the level of AI Capex required to catch up to the competition makes her cautious into the print. Let's bring in NEM's Laura Martin. Uh Laura, welcome.Does Apple really have to spend on AI or can they just ride on the investments of others since they're kind of the the gateway to the premium consumer. You know, I don't think they can. They have this wonderful installed base that's ver ...