Apple's stock has surged to new highs, but its valuation now appears increasingly disconnected from the company's growth profile and competitive positioning. Apple is being priced as if its next major growth driver is imminent. Yet, the company remains in a holding pattern on AI deployment, its Vision Pro ambitions have been eclipsed by Meta, and the latest iPhone 17 and Air lineup offers little evidence of a new hardware super-cycle. With Apple Intelligence still months away from broad rollout and upgrade elasticity weakening, investors may be paying a premium for a business entering a slower-growth phase. Trade timing & outlook After breaking out to new all-time highs, momentum appears overextended, and signs of buyer exhaustion suggest a potential pullback. Relative strength remains hig

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