Apple Positioned for Long-Term Growth Despite Slowing Revenue and Key Risks

Apple is undervalued compared to mega-cap peers based on price-to-free cash flow and other valuation metrics despite slower growth recently
Apple has been acquiring AI companies for years and has underappreciated potential in AI compared to perceptions
Revenue growth is slowing due to tough pandemic comps, but services ecosystem growth boosts stability and countercyclicality
Antitrust risks and China production concentration are key threats, but Apple handled recent China factory unrest well
Apple aligns with its mission still and has a meritocratic culture that should continue to execute at a high level over the long term