You can simultaneously believe that the hyperscalers are becoming capital-intensive long-term in a way that’s bad for their profits and that as a result will be raising the COGS of Apple’s business in a way that also hurts profits.

My perception is that the market lumps companies together into sectors whether they have similar business models or not. When one is punished, other associated firms tend to be, too. You see this in any industry (not as a guaranteed rule, but in general).

because $100bn annual revenue, high FCF, high margin. Its a monster.

Share repurchases also aren't great I guess?