Everyone's focused on (https://www.cnbc.com/2026/07/29/tim-cooks-last-earnings-call-comes-at-momentous-time-for-apple-.html), but here's what they're missing: Apple's annual revenue is $111.2B with a net margin of 26.6%, yet the stock keeps climbing on multiple expansion while organic growth decelerates. The real pressure point isn't margin—it's the revenue growth trajectory.

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