$Apple(AAPL.US)I strongly disagree with the simplistic market view that Apple's rebound is solely due to its AI adoption. From smartphone installed base data, iPhone's market share is still gradually increasing—meaning the proportion of iPhone users is rising, though fewer people are buying new iPhones compared to new Android devices. What does this indicate? It shows iPhone user loyalty remains strong, but upgrade cycles are delayed due to multiple factors: older iPhones' durability, incremental new model improvements, and broader macroeconomic demand contraction. Conversely, once Apple introduces genuinely compelling next-gen iPhone features, pent-up demand from users skipping 1-2 generations could be unleashed while regular upgraders will continue their usual refresh cycles. AI integration is merely a tool to enhance new devices' appeal.

Second, Mac has staged a significant market share rebound in the PC sector during Q1 despite overall industry growth;

Third, as a global consumer brand, Apple's USD-denominated revenue is inevitably exposed to currency fluctuations. With the US dollar remaining elevated for so long, any weakening would immediately boost Apple's earnings and sales through favorable exchange rates.

Thus at this juncture, Apple appears more attractive than $Microsoft(MSFT.US).