The breakthroughs we’ve really been waiting for are packed into Apple’s iOS 18 software update, released on Monday for iPhone models going back to XS and XR. Besides the many cool messaging tricks, you can change the colors (and size!

Clearly, investors are betting that Apple's new AI iPhone will reinvigorate sales and lead to earnings growth. If you believe in this thesis, now could be a time to buy the stock. Because if sales keep stagnating, the stock will not do well starting at a P/E of 34. Perhaps this is why Warren Buffett is unloading his Apple position right now.

Apple’s annual product launch Monday failed to immediately capture the hearts of investors, as shares of the world’s biggest company slumped during the event largely focusing on previously rolled-out artificial intelligence features coming to iPhones.