(https://www.cnbc.com/2026/07/14/apple-just-hit-an-all-time-high-keybanc-says-investors-should-sell-the-tech-giant.html) at all-time highs citing slowing iPhone sales and weakening services revenue. But here's what nobody's saying: this is a free cash flow story, not a revenue story. Apple generated $78.3B in annual free cash flow—a massive moat—but the trajectory matters more than the absolute level.

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