Is AAPL overvalued?

AAPL trades at ~38x earnings with a sub-0.5% dividend yield, historically high multiples relative to its own past (e.g., ~10x when Berkshire bought). Unless Apple unlocks another ~$100B in profits (e.g., a new hit product like AirPods), the current valuation leaves little margin of safety; a mean-reversion or growth disappointment could compress the multiple. Avoid buying at these levels; the risk/reward is unattractive for value-focused investors. Apple continues to grow services revenue and buy back shares aggressively, supporting the multiple; a new product cycle (AR/VR, AI) could reignite growth.