I've Owned Apple Stock for Years. Here's Why I'm Letting Its AI Story Play Out.

The author, a long-term Apple (AAPL.OQ) shareholder, argues for holding the stock despite Apple’s lighter direct AI investment compared with peers. Apple’s Q1 revenue rose 16% to about $144 billion, EPS grew 19% to $2.84, and services revenue rose 14% to $30 billion, supporting a high 37% profit margin. Rather than building massive AI models, Apple appears to be leaning on device sales and partnering to access advanced AI — reportedly paying Alphabet about $1 billion a year to use Gemini as the foundation for a next‑gen Siri expected this year. The piece frames this as a different, lower‑capex strategy (Apple spent under $13 billion in fiscal 2025 versus peers’ roughly $650 billion collective AI capex) that could preserve profits but leaves upside and competitive risk tied to others’ AI progress. Overall it’s cautious optimism: holding while watching Siri rollout and consumer response.