AAPL -9.25% despite double beat on earnings. Guidance for the September quarter came in soft at 9–11% growth (vs ~12% expected), mainly because of worsening supply issues and some FX headwinds. Memory chip shortages (driven by AI demand) are biting harder, Cook called them “very significant,” and rising costs are pressuring margins. Services revenue missed the higher estimates even though it still grew double digits. This was Cook’s last earnings call as CEO (Ternus takes over Sept 1), but the drop is mostly about the guidance and supply constraints, not the leadership change. #APPLE(Seth)