All eyes are on technology giant Apple (NASDAQ: AAPL), which is set to release second-quarter fiscal 2024 results after market close on May 2. Since Apple accounts for nearly 7% of the total market capitalization of the entire technology sector on the S&P 500 Index, it is worth taking a look at its fundamentals ahead of its quarterly results. Apple shares are down about 7.6% over the past three months, underperforming the industry's decline of 3.9%. The trend is expected to reverse, given that the tech giant has a reasonable chance to beat earnings estimates. It saw positive earnings estimate revision activity, which is generally a precursor to an earnings beat. This has put investors' focus on ETFs having the largest allocation to the tech titan. Technology Select Sector SPDR Fund (ARCA:XLK), Vanguard Information Technology ETF (ARCA:VGT), MSCI Information Technology Index ETF (ARCA:FTEC), iShares US Technology ETF (ARCA:IYW) and Vanguard Mega Cap Growth ETF (ARCA:MGK) have Apple as the top or second firm with a double-digit allocation and sport a Zacks ETF Rank #1 (Strong Buy) or 2 (Buy). Inside Our Methodology Apple has an Earnings ESP of +0.93% and a Zacks Rank #3 (Hold). According to our methodology, the combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 increases the chances of an earnings beat. Apple saw a positive earnings estimate revision of a penny over the past 30 days for the fiscal second quarter. Analysts raising estimates right before earnings — with the most up-to-date information possible — is a good indicator for the stock. The Zacks Consensus Estimate indicates modest year-over-year decline of 0.7% for earnings and 5.1% for revenues. The company has a strong track record of positive earnings surprises. It delivered an average earnings surprise of 5.20% in the trailing four quarters. The stock has a top Growth Score of A. It currently has an average brokerage recommendation of 1.73 on a scale of ...