“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.”

Long seen as the safest Big Tech bet, Apple is heading into Thursday's earnings with its business facing pressure from U.S. tariffs, tough competition in China and a high-stakes artificial intelligence race it has been late to enter.

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.