1. Apple has become a 'Slow-Grower' with minimal recent growth and failed new product attempts like Apple Intelligence and Vision Pro; 2. Despite high profitability and operational efficiency, Apple's valuation is disconnected from its growth prospects; 3. The 'Upgrade Super Cycle' narrative seems unrealistic as Apple Intelligence features have not driven higher sales or user engagement, leading to criticism; 4. The author reiterates Apple stock as a 'Sell' due to high valuation and overestimated growth projections.