Apple's AI strategy pays off in record earnings, but memory costs loom

Apple's latest earnings show how it's continuing to capitalize on the AI boom without busting its budget on the infrastructure spending consuming its competitors.

Overall, Apple posted its best-ever fiscal year for revenue and earnings per share. iPhone and Mac sales continued to grow strongly in the fourth quarter. iPhone revenue rose 17.5% from a year earlier to a September quarter record of $57.6 billion while Mac revenue climbed 24% to $10.8 billion, its highest level in four years. Shares nevertheless fell in premarket trading Tuesday after Apple warned that rising memory costs would squeeze its profit margins in the holiday quarter.

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