Traders often cite Apple Inc. as a safe haven amid the rout in technology stocks, and for good reason. 

Ringing up record revenues in a quarter roiled by severe chip shortages impressed Wall Street analysts and investors, pushing Apple shares 3% higher at open.

A sobering note for tech investors, though: Even a rally in shares of the world’s biggest company isn’t enough to lift stock prices more broadly: the Nasdaq 100 Index was down 0.4% at 9:35 a.m. in New York, with worries about tighter Federal Reserve monetary policy dominating sentiment.

“Just the Right Amount of Everything” and “Apple Doesn’t Disappoint” were some of the headlines in post-earnings research reports from analysts. The tech giant navigated the crisis and benefited from a flood of new products, including the iPhone 13, Apple Watch Series 7 and updated Macs. Sales of Macs surged 25% to $10.9 billion, beating analyst estimates. 

Read: Apple Rises 4.5% as Results Spur Target Hikes: Street Wrap

With 1.8 billion Apple devices in customers’ hands, the company has a wide range of opportunities to generate revenue, analysts and investors flagged. 

The earnings report “highlights the strength, and stickiness, of Apple’s ecosystem,” Morgan Stanley’s Katy Huberty wrote in a note. She reiterated Apple as her top pick for 2022. 

While the shares trade at 26.7 times estimated earnings for the next year, a tad above the Nasdaq 100’s multiple, bulls say that premium is deserved. Aaron Rakers of Wells Fargo says the price doesn’t reflect the long-term gross margin expansion, noted the company’s whopping 72.4% gross margin in services.