Apple’s latest earnings show how it’s continuing to capitalize on the AI boom without busting its budget on the infrastructure spending consuming its competitors.

Overall, Apple posted its best-ever fiscal year for revenue and earnings per share. iPhone and Mac sales continued to grow strongly in the fourth quarter. iPhone revenue rose 17.5% from a year earlier to a September quarter record of $57.6 billion while Mac revenue climbed 24% to $10.8 billion, its highest level in four years. Shares nevertheless fell in premarket trading Tuesday after Apple warned that rising memory costs would squeeze its profit margins in the holiday quarter.

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