Apple reports best March quarter in company history as Tim Cook warns of memory crunch ahead

Apple reported the strongest March quarter in its history, with stock rising 4% in after-hours following the earnings release. This was Apple's first earnings report since announcing John Ternus as incoming CEO to succeed Tim Cook, marking a pivotal leadership transition. CEO Tim Cook warned of further memory constraints in coming quarters, stating 'We'll look at a range of options' to address component shortages driven by AI-era demand for DRAM and HBM. While Apple has lagged other Mag 7 companies in AI-era capital expenditure, the company signaled a shifting approach to cash and debt management to fund its AI ambitions. The record quarter highlights strong consumer demand even as the company navigates one of its most significant leadership transitions in decades.