Apple reported on July 30 better-than-expected results for its fiscal Q3 2026, with revenue and earnings per share beating estimates, driven by strong iPhone sales. However, the stock plummeted nearly 10% in after-hours trading on July 31, threatening to erase approximately $500 billion in market capitalization. The main cause: fourth-quarter revenue growth guidance of 9% to 11%, falling short of analyst consensus at around 12%. This underperformance stems from memory chip shortages, as surging demand from AI data centers is absorbing available supply. If this haircut materializes, Nvidia could reclaim the title of world’s largest company by market cap, even as Apple suffers from the AI demand that Nvidia’s GPUs are fueling.
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