Lower investment is not Apple’s get-out-of-jail-free card - 36Kr

Apple beat expectations in fiscal Q3 2026, with revenue and profit both topping forecasts as strong iPhone and Mac sales drove solid year-over-year growth.

Still, the stock fell after earnings because the company issued a cautious outlook for the next quarter and faces rising costs for memory, chips, and supply-chain inputs.

The results show Apple remains more dependent on hardware sales than on its AI narrative, even as Apple Intelligence expands.

At the same time, the AI boom is tightening supply of semiconductors and storage across the industry, squeezing Apple’s supply chain and profit margins.