Bernstein reiterated Apple's “outperforming the market” rating and target price of $380. He believes that as investors withdraw from high-risk AI stocks, Apple is becoming a safe haven choice for the technology sector, and its record valuation level is still supported by fundamentals. Bernstein analyst Mark Newman pointed out that Apple's capital expenditure accounts for only 2% of revenue, and by reducing dependence on expensive data centers through cooperation with Google and end-side AI technology, it can not only reduce the impact of the slowdown in AI infrastructure investment, but also eliminate the need to bear huge capital expenses and free cash flow pressure like large cloud service providers. If the AI bubble bursts, Apple may also get the chance to buy at a lower price. As a result, Apple's current valuation logic is closer to high-quality consumer goods companies than traditional technology companies. Even with its projected price-earnings ratio of 37 times a record in 2027, this valuation is reasonable considering Apple's stronger revenue growth, cash flow generation capacity, and shareholder returns compared to Costco and Walmart. Furthermore, the brand loyalty of about 90% of Apple iPhone users is also comparable to Costco's annual membership renewal rate of about 90%, further reflecting the stability of its business.

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