“The risks to Apple are real,” she said. “Regulation is coming and tariffs are back in the headlines, with the US still locked in negotiations with China. And for firms like Apple, global politics and supply chains still matter a lot.”

Apple posted blockbuster quarterly earnings on Thursday but could not shake investor fears that the iPhone maker will suffer from US President Donald Trump’s trade war and is slipping behind in the AI race.

Apple's fiscal third-quarter results are expected out Thursday afternoon, with investors focused on the company's ability to contend in AI and financially manage the evolving tariff landscape.