Apple's 10-K notes 'risk factors'

11.11.2008

"In certain countries, including the U.S., the Company relies on a single cellular network carrier to provide service for iPhone. "

"Political events, war, terrorism, public health issues, natural disasters and other circumstances could materially adversely affect the Company. "

"Unfavorable results of legal proceedings could materially adversely affect the Company."

"The Company is exposed to credit risk on its accounts receivable and prepayments related to long-term supply agreements. This risk is heightened during periods when economic conditions worsen.

Now there's no reason to panic just yet--likely a lot of these are just to cover the company's posterior--but still, things to keep in mind.