The analysis focuses on Apple stock AAPL, trading at $256.08. The year-to-date increase is only about 2.26%. The presenter doesn't like Apple stock due to risk/reward and valuation concerns. The fair value is estimated at approximately $209, while it's trading close to its 52-week high of $260. Despite good results where revenue had a double digit growth and sales from iphones went up 13% the presenter still gives a hold rating, based on the increased level of complexity in the geopolitics and trading constraints, manufacturing outside of the United States and it seems behind in the artificial inteligence sector.