$Apple(AAPL.US) The autumn launch event was once hailed as the Spring Festival Gala of the tech world. This time, it felt similar to the last WWDC. The products, like the iPhone and Watch, have seen many improvements. But for Apple, compared to other tech companies, whether in terms of product strength or product line, it's still too conservative. There were no major breakthroughs, just functional optimizations, lacking the surprise, fun, and even the sense of identity and personality from before. Perhaps, in the end, it's because Tim Cook is too cautious, lacking the courage for innovation and breakthroughs.

However, the stock market is hard to predict. After the developer conference, it was the same, and Apple's stock actually rose a bit afterward, from around $190, going through Trump's domestic factory push, tariff issues, and some AI news, to now around $230, although the growth curve has clearly slowed.

But Apple's technological density and free cash flow are still strong, and its product gross margins remain high. From a resource perspective, a mid-term rebound is still possible—it just depends on whether the market provides a low-point opportunity.