In fact, it was the best March quarter in company history, and Apple stock jumped 4% in after-hours trading.

Apple is expected to report roughly 20% growth in iPhone revenue as the popularity of the company's flagship device shows no sign of waning.

One measure of downside risk has fallen precipitously in the past five weeks.

In fact, it was the best March quarter in company history, and Apple stock jumped 4% in after-hours trading.

Apple posted its "best March quarter ever", according to outgoing CEO Tim Cook, with a revenue of $111.2bn – up 17pc year-on-year.

Apple is expected to gain more ground after its earnings report showed the iPhone maker has largely weathered headwinds like rising memory costs, analysts said.

Apple's strong fiscal second-quarter results are likely to boost names like chipmakers Cirrus Logic and Qorvo, among others, according to Stifel and KeyBanc.

While the rest of the 'Mag 7' is caught up in the artificial intelligence arms race, Apple remains the ultimate shareholder 'Cash Machine.'

On its quarterly earnings call, Apple said revenue growth in the current quarter would be between 14% and 17%, well above analysts' estimates.