Apple reported quarterly earnings above expectations, but its margin outlook disappointed investors, particularly because of a memory chip shortage and slowing growth in services. Investor Gene Munster argues that Apple’s reluctance to discuss personalized agents represents the biggest risk to its ecosystem, while markets are punishing stocks linked to artificial intelligence. The newsletter also examines expectations for the U.S. midterm elections, the possibility that the Federal Reserve may need to raise rates to 6.75% by the end of 2027 to bring inflation back to 2%, and rising confectionery costs.
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