Apple reported record June-quarter revenue of $109.4 billion, with Services reaching a record $30.7 billion, payment services hitting an all-time high, and paid subscriptions topping 1.5 billion. Revenue rose 16% year over year, iPhone revenue climbed 22% to $54.3 billion, and Mac revenue increased 29% to $10.4 billion. Despite the record results, the stock dropped 6% during the call Thursday evening as analysts pressed management on Siri AI, subscription economics, cloud-computing costs, Services growth, and hardware demand durability. Management attributed the weaker September outlook to foreign exchange and worsening supply constraints rather than slowing demand. Tim Cook opened the call emphasizing demand and Apple’s AI roadmap, describing Apple Intelligence and the new Siri AI as “profoundly capable, deeply personal, and integrated seamlessly across our platforms,” with “phenomenal” early feedback. He did not announce a dedicated AI pricing model but acknowledged heavier users could migrate to higher service tiers, stating, “We do believe there will be people that want to use it a lot, and so we will have some kind of upgrade possibilities on iCloud Plus where people can buy up the stack on iCloud+.” CFO Kevan Parekh noted Services revenue increased 12% to $30.7 billion, with cloud services and payment services reaching all-time highs. Apple has surpassed 1.5 billion paid subscriptions, with paid and transacting accounts at