Why Apple (AAPL) fell 2.09% on August 3, 2026

Apple (AAPL) fell 2.09% on August 3, 2026 — Record quarter offset by bigger September memory costs.

Apple posted record iPhone and Mac sales but faced a steeper memory-cost headwind for the September quarter, offsetting earnings upside and triggering margin concerns.

Higher memory input costs compress gross margin despite record unit volume and pricing power, capping the earnings-leverage benefit investors expected and raising questions about Apple's ability to offset inflation…

Apple anchors the Mag 7 Earnings Cycle, which has driven valuation gains through late-cycle beat-and-raise momentum; memory cost inflation is a red flag that beat surprises may narrow, risking the multiple expansion…

If Apple offsets memory inflation through pricing, product mix, or supplier negotiations in coming quarters, margin pressure could be temporary and the re-rating resumes; if inflation persists, guidance misses…