Loading research…
AskMarketsLimited Public PreviewAskMarketsLimited Public PreviewTariffs squeeze the hardware profit line while regulators pick at the services annuity; Apple's India pivot and its 2026 Siri reboot decide which side blinks first.
Donald Trump's tariff war took aim at the most China-dependent hardware maker on earth. Apple answered with a $600bn US investment pledge and by shifting US-bound iPhone assembly to India. Brussels fined it €500m; a US judge barred Google's exclusive Safari default deal, clouding a ~$20bn annuity. Can services growth outrun the regulators?
Regulators matter more than tariffs because of arithmetic: hardware carries the profit, services carries the multiple. Apple runs a 32.6% operating margin and trades at 34.8x trailing earnings versus a 24.7x peer median 1. That premium rests on 16.4% revenue growth 1. Wall Street's mean target of $323.28 sits barely above the $303.42 last price 2.
US-bound iPhone assembly moving to India; $600bn US pledge buys a tariff truce
16.4% revenue growth 1; Google default-search annuity survives, but exclusivity is gone
€500m DMA fine; renamed EU fees preserve the take, but the precedent is spreading
Personalised Siri slipped to 2026; Gemini licensing talks admit in-house models lag
| Company | Mkt cap | P/E | ROE | OPM | Rev 3Y |
|---|---|---|---|---|---|
| AAPL | 5.01T | 38.1 | 171.4% | 36.0% | 1.8% |
| DELL | 390.9B | 32.8 | — | 11.4% | 3.5% |
| SMCI | 26.5B | 12.3 | 26.5% | 7.2% | 76.3% |
| OMCL | 1.6B | 41.3 | 0.2% | 10.8% | -2.9% |
| OSS | 179M | — | 13.9% | — | -23.7% |
| SCKT | 6M | -0.4 | — | -17.4% | -10.8% |