Apple (AAPL) may have beat fiscal fourth quarter revenue estimates with $94.9 billion (estimates were for $94.3 billion), but adjusted earnings fell far below Wall Street's expectations due to a one-time charge from a European General Court decision.

While Apple's Greater China sales also fell below estimates, the tech giant blew past iPhone sales estimates, posting $46.22 billion against estimates of $45.04 billion.

To speak more about Apple's latest earnings print and its position in the Magnificent Seven, Maxim Group managing director and senior consumer internet analyst Tom Forte joins Seana Smith on Catalysts.

"It looks to be a very slow developing supercycle for AI inspired upgrades for the iPhone. And the reason I say that is they had 5.5% growth in iPhone revenue in the September quarter, and they're guiding to total company revenue growth of low single-digit," Forte says. "So I think the two noisy points in the data are that China macroeconomic weakness — China's about 15% of revenue — I think that's making it hard to determine if we're seeing a supercycle and the other is that there was a mismatch in the timing" of the iPhone 16 launch and the later Apple Intelligence software update.

Forte denotes the delay in the release of Apple's AI features for the new iPhone model could be a "real risk" to Apple's consumer upgrade cycle.

Forte also weighs in on Apple's guidance and why he's still seeing Amazon (AMZN) as a top Big Tech pick.

To watch more expert insights and analysis on the latest market action, check out more Catalysts here.

This post was written by Luke Carberry Mogan.