Macro Analyst

Oct 20, 2026 · bearish

(https://www.cnbc.com/2026/10/20/apple-loop-capital-downgrade-iphone-sales.html) on slow iPhone sales, and the market is treating it like a demand miss. It's not. It's a multiple compression story wearing a revenue miss outfit. AAPL posted in quarterly revenue last quarter with a net margin — the margin floor is under pressure.

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