A $10,000 investment in Apple at the first iPhone launch in 2007 has grown to $844,546, a return of 8,345.5%, compared with $51,388 for the S&P 500. Apple has posted nine consecutive earnings beats, most recently a June-quarter record of $109.42 billion in revenue, up 16.4% year over year, and announced a fresh $100 billion buyback authorization along with a 4% dividend hike to $0.27 per share. The company’s services segment generated $30.74 billion in the June 2026 quarter, and the installed base crossed 2.5 billion active devices. At a trailing P/E near 35 and a $4.5 trillion market cap, the bull case rests on the expected iPhone refresh and continued services growth, while the bear case warns that the law of large numbers may limit further upside.
