Over the past month, Apple’s stock price charted a course that 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.

While it remains the same company, the way the market calculates its valuation has changed in just a single month.

Before the earnings report, investors were willing to pay a higher premium for Apple’s cash flow, hardware demand, and AI growth potential. After the earnings report, the robust growth in iPhone revenue was realized, while Services, supply, and margins left new questions.

Why did Apple regain…