Apple and Nvidia Stocks Trade at Similar Valuations. Only 1 Is Growing.

Apple’s latest quarterly report highlighted a concerning issue for the world’s most valued company: It simply isn’t growing. And no one can say when the malaise will come to an end.

For those counting on a rescue from the all-important holiday quarter, Apple isn’t sounding too upbeat there, either. On its earnings call Thursday, Apple said that results in the December quarter would be about flat with the year-ago period, a forecast that came as a disappointment to Wall Street, which had been projecting 5% revenue growth for the quarter.

In the iPhone, Apple has created one of the most successful consumer electronics products ever, with sales in the latest year of more than $200 billion, nearly Microsoft’s total revenue. The company’s products are brilliantly engineered, and they engender fanatical customer loyalty. I am writing this column on a MacBook Air, with my iPhone 13 Pro Max sitting next to me and my Apple Watch on my wrist.

If you squint, you can find some things to like about Apple’s latest quarter. Gross margin hit a record 45.1%, and the midpoint of the company’s December guidance suggests a further uptick to 45.5%. The company’s China revenue was down 2% in the quarter, but Apple noted that adjusted for currency, the total was actually up 4%, with the iPhone setting a September-quarter record for sales in mainland China.

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