Who Really Profits From AI? | Clear Markets Daily

Apple delivered record quarterly revenue, but rising memory costs put the spotlight on margins. Meanwhile, AI chip stocks rebounded as investors debated whether huge infrastructure spending will translate into lasting cash returns. We explain the difference between revenue growth, gross margin, capex, free cash flow and valuation—and what to watch next in technology and the wider economy.
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Thumbnail Text: RECORD SALES. RISING COSTS.
Key Takeaways: Apple revenue reached $114.5 billion, up 12% year over year; gross margin was 47.9%, aided by tariff refunds. Apple shares fell while AI semiconductor shares rebounded. Higher memory prices illustrate how AI demand can benefit suppliers and hurt device makers. ISM manufacturing PMI rose to 55.5 in October. Watch margins, cash flow and valuations rather than revenue alone.