Apple Sidesteps AI Spend Bubble So I Keep Buying

This opinion piece argues that Apple (AAPL) is a strong buy because it avoids the massive capital expenditure bubble that other AI-focused tech giants are entering. The author highlights Apple's disciplined capex of $12.7B, strong cash generation ($111.48B operating cash flow), and a fresh $100B buyback authorization. In contrast, AI hyperscalers are projected to spend $2.1 trillion on capex through 2027, consuming 95% of operating cash flows. Apple's strategy is to integrate AI incrementally into its existing product ecosystem, monetizing through its 2.5B+ active device installed base rather than building a data center empire. Key financial data includes $416.16B in FY2025 revenue, EPS beats for eight consecutive quarters, and a 28% growth in Greater China. The main risk cited is valuation, with a trailing P/E of 41, but the author maintains conviction due to Apple's cash efficiency and services revenue growth.