Apple Inc. AAPL

Apple is still the gold-plated cash machine you know and love, but Mr. Market is charging luxury-car prices for a sports sedan. The moat looks bullet-resistant, Services keep fattening margins and Apple Intelligence could reignite hardware demand—but with the shares ~30% above our fair value and regulators sharpening knives, the risk-reward skews south. Fantastic business, not-so-fantastic price—keep it on the wish list for a cheaper day.