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.

After a slow start to 2024, Apple (AAPL) stock has performed roughly in line with the S&P 500 Index ($SPX), gaining about 14.7% year-to-date. However, AAPL stock is once again in the spotlight after the company introduced a range of new products,

Apple's AI system, dubbed "Apple Intelligence," will also be available on the next-gen iPads and Macs as part of iOS 18. Apple Intelligence can "help you write, express yourself, and get things done effortlessly,