Apple's current dominance based on iPhone/services is temporary; it will be overtaken by AI-focused competitors due to its lack of proprietary AI infrastructure.

Apple up 4.6%

Speaking of capex and who isn't spending capex? Apple remains the second largest company on Earth purely on the iPhone. You can't make this up. Crazy services and margins. They don't own any frontier models, they don't have any massive dedicated data center infrastructure.

No AI to speak of. They outsource it all. They just make phones and it's the second biggest company in the world.

Pretty pretty remarkable, but that will all change in the very near future. I believe they'll be eclipsed by many players like Nvidia have already eclipsed them already. There'll be many more coming for them as well.