Apple has transformed from a company on the brink of bankruptcy to one of the largest and most valuable companies in the world, showcasing an extraordinary growth story.

Over the past decade, Apple (AAPL) stock has delivered nearly 800% returns, turning a $50,000 investment into approximately $450,000.

The company's ecosystem creates a 'walled-garden' effect, which fosters user loyalty and has led to a 14% increase in service revenue last quarter.

Apple's services segment is particularly lucrative, boasting a 74% gross margin compared to just 35% for its product business.

A significant portion of this revenue comes from the App Store, where Apple takes up to 30% of sales on its platform.

However, Apple faces regulatory scrutiny regarding its App Store practices, with developers expressing concerns about the company's revenue cut.

Changes stemming from the ongoing Alphabet antitrust case could potentially affect this revenue stream, although a non-exclusive revenue sharing deal may still be feasible.

Additionally, Apple could face revenue risks from its agreement with Alphabet, which designates Google as the default search engine, potentially costing up to $25 billion annually.

Looking ahead, artificial intelligence (AI) presents promising growth opportunities, likely driving hardware upgrades and boosting revenue from AI-related app sales.

AI could serve as the next catalyst for Apple's stock growth, making it a solid core position for investors.

Despite facing various risks, Apple has shown remarkable resourcefulness and adaptability, maintaining its status as a long-term stock winner.

Even with concerns about its size potentially limiting future performance, Apple continues to thrive and grow in the post-Steve Jobs era.