Apple shares slide nearly 10% after Tim Cook warns of a "100-year flood" in memory prices
AI Market Summary
Apple shares fell nearly 10% after management highlighted severe margin pressure from a "100-year flood" surge in memory prices and acknowledged misjudging iPhone/Mac demand. While results were broadly solid, the 9%–11% revenue growth guide for the September quarter trailed consensus (~12%), undermining confidence in near-term earnings durability and raising concerns about hardware-cycle sensitivity and supply-chain cost pass-through.
Impact level
● High
Affected assets
NCSKAAPL2USD/USDT-1.06%
AI Insight · NCSKAAPL2USD/USDTAI Insight
▼ Bearish
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Apple shares tumbled nearly 10% on Friday, marking the stock's steepest one-day drop since March 2020 and wiping about $475 billion from its market value. On the earnings call, CEO Tim Cook said margin pressure was driven by what he described as a "100-year flood"-style spike in memory chip prices, and he also acknowledged the company had underestimated demand for the iPhone and Mac. While the overall results were solid, Apple's revenue growth outlook for the September quarter of 9% to 11% came in below Wall Street expectations of about 12%, fueling investor concerns.
