Over the past month, Apple's stock price first rose and then declined. From late June to the earnings release, Apple rose by more than 15% cumulatively, with its market value briefly returning to the global top spot; after the earnings release on July 30, its stock price tumbled by nearly 10% intraday on July 31. Before the earnings report, investors were willing to pay a higher premium for Apple's cash flow, hardware demand, and AI growth potential. Apple offered an alternative to crowded tech stock trading, as more than 2.5 billion active devices allow room for growth in on-device AI. IDC data showed that while the global smartphone market declined overall in the second quarter of 2026, iPhone shipments still maintained double-digit growth. In 3QFY26, Apple's total revenue grew by 16%, iPhone revenue grew by 22%, and Mac revenue grew by 29%, all setting June quarter records. A tariff refund contributed $0.11 to EPS this quarter and boosted gross margin by approximately 2 percentage points. Excluding this impact, EPS was approximately $1.91 and the normalized gross margin was approximately 48.1%, closely matching the market's original expectations.