Why AAPL still compounds from here

The thesis

The cash engine funds the AI build-out without breaking the model — that's underrated.

Ad reacceleration plus margin discipline is a combination the market keeps doubting.

What I'm watching

• operating margin trajectory
• operating margin trajectory
• A clean move through the level I flag below

Positioning

Short on AAPL, 2-6 months horizon. Conviction: Medium. A capex air-pocket would pressure the multiple; position accordingly.

Opinion, not investment advice. The author may or may not hold positions discussed.