Apple CEO Tim Cook is known for being a supply-chain maven. And he faces a tough test as the company navigates a supply environment that’s been disrupted by the artificial-intelligence boom.

Apple's stock rose after hours on iPhone revenue that handily beat Wall Street's estimates. CEO Tim Cook talked China, AI, and the memory shortage.

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For its fiscal 2026 first quarter (ended Dec. 27), Apple generated record revenue of $143.8 billion, up 16% year over year, marking the company's highest growth rate since 2021. This drove diluted earnings per share (EPS) of $2.84, which jumped 19%, an all-time record.

Apple's AI strategy draws attention as it prepares to report Q1 earnings. Analysts predict potential stock rally if AI plans impress investors.

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The tech giant may have some positive updates.

Apple’s Q1 FY26 earnings report was published shortly after the close of markets today. Apple brought in a record $143.8 billion in revenue for the quarter, which beat the expectation of $137.40. The tech behemoth also set a record with its expectation-beating $2.84/share.

Apple's gross-margin target of 48% to 49% for the March quarter well exceeded what analysts were expecting, highlighting the company's ability to navigate a tough supply-chain environment. Analysts tracked by FactSet had been expecting a 47.

Artificial intelligence (AI) software upgrades and the highly anticipated launch of the iPhone 18 are top of mind for Apple investors in 2026.