Apple's $100B Buyback Fuels Rally, But Valuation Limits Further Gains

Apple's shares trade near record highs after a new $100 billion buyback authorization on May 15, underscoring robust cash flows despite moderated repurchase pace and a Hold rating due to elevated valuations. The surge began May 12 with Q2 revenue up 17% to $111.2B, iPhone +22% to $57B, Services +16% to $31B, and EPS +22% to $2.01, breaking $300.27 above the 52-week high on May 13 amid iOS 27 buzz and overbought RSI at 73.27. Caution emerged May 14 as Berkshire trimmed its stake 15% to 238.2M shares and analysts eyed 36x P/E with just 2-4% upside.