Apple Inc. (AAPL) is upgraded to buy, driven by its strategic positioning as a trusted AI endpoint amid a structural shift toward agentic AI applications. AAPL delivered robust FQ2 results: normalized EPS up 21.8% YoY to $2.01, sales up 16.6% YoY to over $111 billion. More importantly, unlike other hyperscalers, AAPL's growth was achieved with minimal capex increase.