苹果的5万亿美元时刻：最强财报，最弱AI

苹果公布2026财年第二季度财报，营收1094.17亿美元，同比增长16.4%，净利润297.89亿美元，同比增长27%1。毛利率达到50.1%，剔除关税退款后约为48.1%1。iPhone收入542.5亿美元，同比增长21.7%，实现连续第三个季度超过20%的增速1。Mac收入103.5亿美元，同比增长28.7%1。大中华区收入188.2亿美元，同比增长22.4%1。库克称这是苹果有史以来最好的二季度1，公司市值短暂站上5万亿美元1。

然而资本市场反应冷淡，股价盘后跌超8%1。苹果预计下一季度iPhone收入增速将放缓至15%左右的两位数增长区间，受供应限制拖累1。同时公司面临成本端压力，DRAM合约价环比涨幅超过90%，12GB手机内存成本从200元上升至600元1。在领导层方面，库克宣布将于9月1日卸任CEO，由硬件工程负责人约翰·特努斯接任，库克转任执行董事长1。此外，苹果中国版Apple Intelligence获得批准，将集成阿里巴巴通义千问和百度模型1。

Apple reported exceptionally strong second-quarter fiscal 2026 results, with revenue reaching $109.417 billion, a year-over-year increase of 16.4%, and net income of $29.789 billion, up 27 percent compared to the same period last year 1. The company's gross margin expanded to 50.1 percent, or approximately 48.1 percent excluding tariff refunds 1. iPhone revenue climbed to $54.25 billion with a 21.7 percent year-over-year gain, marking the third consecutive quarter of growth exceeding 20 percent 1. Mac revenue surged 28.7 percent to $10.35 billion, while the Greater China region generated $18.82 billion in revenue, up 22.4 percent 1.

Despite these record-breaking results, market sentiment proved lukewarm, with Apple's stock declining more than 8 percent in after-hours trading 1. The company's market capitalization briefly touched $5 trillion, yet investor concerns about future growth proved more influential than the quarter's performance 1. CEO Tim Cook described this as "the best second quarter in Apple's history," though he acknowledged mounting headwinds 1. Looking ahead, Apple projects iPhone revenue growth will moderate to approximately 15 percent in the coming quarter, constrained by supply limitations 1.

Leadership changes will reshape the company's strategic direction starting September 1, when John Ternus, the head of hardware engineering, assumes the CEO position, with Cook transitioning to executive chairman 1. Meanwhile, Apple faces intensifying cost pressures across its supply chain, with DRAM contract prices surging over 90 percent sequentially, pushing the cost of 12GB smartphone memory from $2 to $6 1. In China, Apple Intelligence has received regulatory approval and will integrate Alibaba's Tongyi Qianwen and Baidu's AI models 1.