Apple's (AAPL -0.24%) capital expenditures totaled just $6.8 billion through the first three quarters of fiscal 2026 (ended June 27). That pales in comparison to how much money other big tech companies are spending as they race to build data centers to power the artificial intelligence (AI) buildout.
But Apple isn't falling behind from a competitive point of view. Investors in this Magnificent Seven stock should focus on one number that matters most: 22%.
Image source: The Motley Fool.
During the first nine months of fiscal 2026, iPhone revenue increased by 22.4% on a year-over-year basis. Demand has been strong for the iPhone 17 family, which is extremely encouraging since it shows that Apple can still drive sales from its most critical product line. That product line is as relevant as ever even though in 2027, it'll be 20 years old.
NASDAQ: AAPL
Key Data Points
That 22.4% growth metric showcases that Apple is currently in a strong position in the very early innings of the AI age. It owns the single most important hardware device out there, with the iPhone 18 and highly anticipated iPhone Duo, which has a foldable screen, recently introduced.
Other businesses are launching AI-native products. But it's hard to see a new consumer hardware device disrupting the iPhone anytime soon. This product is positioned to be the primary way people interact with AI, anchoring it as the dominant platform.
