The Financial Post reports in its Friday edition that Apple may have the iPhone 15, a new watch and Airpods, but analysts expect just 6-per-cent sales growth next year. A Financial Times of London opinion piece says that against this is the risk that Beijing broadens its campaign to drive Chinese consumers to buy local smart phones instead. Meanwhile, Microsoft sales are expected to grow at twice the rate of Apple's and its earnings to increase by 12 per cent next year. Based on these forward earnings, the company has a price-earnings ratio of 28, which seems fair, even if the share price has risen nearly 40 per cent this year. Microsoft looks well positioned for growth in artificial intelligence, both in its software applications and its Web-hosting business. However, it is in a fight with U.S. tax authorities, which are demanding $28.9-billion (U.S.) in back taxes. This will probably hang over the shares. Alphabet sales are not expected to grow this year due partly to the strong U.S. dollar, which makes its overseas revenues worth less, and lower U.S. advertising revenue. Earnings, however, continue to grow as it has cut costs. The PE ratio at 24 is only modestly higher than the S&P 500 index average of 17.