Apple (NASDAQ:AAPL) just had one of its worst trading days in recent memorylosing over $150 billion in market capas its latest earnings triggered more questions than confidence. Revenue hit $95.4 billion and EPS came in at $1.65, both narrowly topping estimates, but the real story was what came after. CEO Tim Cook flagged a $900 million tariff hit this quarter and quietly trimmed Apple's stock buyback program by $10 billiona rare move that signals a more defensive stance from a company known for pouring cash into shareholders' pockets. While Cook said Apple is accelerating its shift away from China, building more iPhones in India and sourcing chips from Arizona and Texas, that pivot is costlyand it's happening under pressure.

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Zoom out, and the bigger concern is China. Apple pulled in $16 billion from the region, slightly below forecasts, but the trendline is slipping. Local rivals like Huawei and Xiaomi are eating into market share, government restrictions on foreign tech are biting, and Apple's delayed AI rollout isn't helping its image in a market obsessed with cutting-edge innovation. Foldables? Chinese brands have them. Apple? Still playing catch-up. Meanwhile, U.S. regulators are circling. A court just ordered Apple to loosen its App Store rules, and the DOJ is probing its Google search dealboth of which could hit its $26.7 billion Services business hard. The ecosystem moat? Starting to crack at the edges.

Yes, iPhone revenue beat slightly at $46.8 billionbut growth was under 2% year-on-year. And while Cook talked up Apple's new C1 modem chip and teased future AI features, investors are looking for more than promises. They want vision. They want velocity. And right now, all they're seeing is caution tape. If Apple can't turn AI into a real growth engineand fastit risks falling behind the innovation curve just as competitors are stepping on the gas.

But one investor isn't flinching. That is Warren Buffett (Trades, Portfolio). Apple still makes up more than 25.4% of his entire equity portfolio.

That's not a tradethat's conviction. He doesn't see Apple as just a tech stock. He sees it as a cash-printing consumer brand with unmatched loyalty. People don't just buy iPhonesthey live in the Apple ecosystem. That stickiness fuels services revenue and massive buybacks. Exactly the kind of business Buffett likes: predictable, sticky, and swimming in cash.