Now, tech stocks in general have fared well this year, following a tough 2022, as cooling inflation and a slowing pace of interest rate hikes by the Federal Reserve led investors back to the beaten-down sector. At the current market price of roughly $165 per share, Apple trades at almost 28x consensus FY’23 earnings, which we believe is a relatively high valuation for the company. Apple’s current earnings yields and its position as a safe-haven stock are looking less attractive, with the Federal funds rate standing at between 4.75% to 5.00% presently.