1. Apple's recent earnings show a 1% YoY decline in iPhone sales, reflecting a lack of excitement for the new iPhone. 2. Greater China revenue has shown a 11% YoY decline, following a 13% YoY decline in the previous quarter. 3. Apple's revenue base has grown by a cumulative 2% over the last three years, while its stock price has increased by over 30%, leading to a higher PE multiple compared to peers like Meta and Alphabet.