$10,000 in Apple Since the First iPhone: A $844,546 Windfall

Apple's stock performance since its first iPhone launch in 2007 has been remarkable. A $10,000 investment in Apple would have grown to $844,546 by August 2026, crushing the S&P 500's return of $51,388 during the same period.

The company's transformation from a hardware-focused business to a services-heavy compounder has contributed significantly to its growth. Services alone generated $30.74 billion in revenue in the June quarter, and Apple has pursued aggressive capital returns, including a fresh $100 billion buyback authorization.

The iPhone 17 cycle delivered a supercycle-style response, with Apple posting nine consecutive earnings beats. However, the company's valuation is near 35 times earnings, which raises concerns about growth expectations.

Despite this, Apple's strategy of converting product launches into free cash flow and returning capital to shareholders remains durable. The company's ability to generate significant returns for long-term shareholders has been demonstrated by its performance since the first iPhone launch.