Apple's Stock Price Rebounds Amid Shift in Market Attention

Over the past month, Apple's stock price has charted a course that rose and then declined. From late June to its earnings release on July 30, Apple's market value briefly returned to the top spot, but after the report, its stock price tumbled by nearly 10% intraday on July 31.

The way investors calculate Apple's valuation has changed in just a single month. Before the earnings report, they were willing to pay a higher premium for the company's cash flow, hardware demand, and AI growth potential. But after the report, the robust growth in iPhone revenue was realized, while services, supply, and margins left new questions.

According to TradingView data, Apple regained favor with capital before the earnings report due to its stable cash flows, continuous buybacks, and more than 2.5 billion active devices allowing room for on-device AI growth. Hardware data also reinforced this logic, as IDC showed that while the global smartphone market declined overall in the second quarter of 2026, iPhone shipments still maintained double-digit growth.

However, Apple's September quarter guidance hit the brakes, and capital began to shift sides. The company expects revenue growth of 9% to 11% for the next quarter, lower than the market's original expectations, due to supply shortages and foreign exchange headwinds.