Clearly, investors are betting that Apple's new AI iPhone will reinvigorate sales and lead to earnings growth. If you believe in this thesis, now could be a time to buy the stock. Because if sales keep stagnating, the stock will not do well starting at a P/E of 34. Perhaps this is why Warren Buffett is unloading his Apple position right now.

Apple’s annual product launch Monday failed to immediately capture the hearts of investors, as shares of the world’s biggest company slumped during the event largely focusing on previously rolled-out artificial intelligence features coming to iPhones.

Shares of Apple fell nearly 3% on Monday after some analysts said delivery times for the new iPhone 16 Pro models indicated weaker-than-expected demand, possibly due to the delayed rollout of key artificial intelligence features.