Apple

Apple sells the iPhone, and almost everything else follows from that. The phone accounts for the largest slice of revenue, but the real machine is the ecosystem around it: the Mac, iPad, Watch and AirPods that keep customers in, and the fast-growing services business, from the App Store to iCloud and Apple Music, that earns high-margin recurring income from more than a billion active devices. That combination of premium hardware and sticky services makes Apple one of the most profitable companies ever built. Steve Jobs, Steve Wozniak and Ronald Wayne started it in 1976, and it is run today from a ring-shaped campus in Cupertino, California. The questions that hang over the stock are familiar ones for a company this size: how to keep iPhone demand growing, how much its China exposure matters, and whether it can find a genuine hit in AI.

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