There are stocks. There are bonds. And then there is Apple . The tech behemoth is an asset class. The iPhone maker has a fortress balance sheet, a vice-like grip on its markets, and 20 years after the first iPhone release, still remains cool. But that doesn't mean the stock can get pushed around on earnings. Make no mistake, Apple remains a structural outlier in big tech, particularly regarding capital expenditures. While its megacap rivals are currently engaged in a relentless, capital-intensive arms race to outspend one another on infrastructure, Apple's relatively low capex stands out as a testament to its disciplined capital allocation. Yet, as we approach Monday's earnings, formidable fundamental hurdles remain.
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