Is Apple Stock a Buy Right Now?

Apple shares have climbed 22% in 2026 and hit record highs, driven by strong financial performance, robust iPhone 17 demand, and a measured approach to AI spending that preserves free cash flow. However, the stock's P/E ratio of 39.5 near an 18-year high suggests investors should wait for a better valuation before buying, as the elevated price adds downside risk if results disappoint.