Apple risk analysis and free cash flow impact

Respond in 250 words. Using Apples sensitivity analysis and VAR disclosures to quantify risk. The $2.4 billion fair value impact from a 100-basis-point move is a great example of why interest rate risk matters even for a cash-rich company. If you had to prioritize, which risk would most directly affect Apples free cash flow in the next 12 months: rate sensitivity, FX volatility, or regulatory penalties?