Apple reports September-quarter results after the close on Monday, Nov. 2, with its stock at 38x forward earnings, the top of its five-year range. Investors are paying for its cash: free cash flow was $31.9 billion in the June quarter, while Alphabet fell 13% after negative free cash flow. Memory costs are the main threat to margins, the article says; gross margin excluding tariff refunds fell from 49.3% in March to 48.1% in June, and the September guidance implies 46.5%. The author says the December-quarter gross margin guidance is the key figure, and a reading below 46.5% would show memory costs cutting into margins, which could bring the valuation multiple down.
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Related tickers and likely impact
AAPL
• NeutralApple Inc.
Relevance: medium
| Market | US stocks |
|---|---|
| Sector | Information Technology |
| Industry | Technology Hardware, Storage & Peripherals |
| Market cap | $5.1T |
| Close on 10/29/2026 | 348.91 |
| Change that session | +1.48% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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