Apple Inc.(NASDAQ:AAPL) reported the best June quarter in its history on Thursday, but shares still plummeted early Friday.
蘋果公司（納斯達克：AAPL）周四公佈了其歷史上最佳的六月季度業績，但股價在周五早盤仍大幅下跌。
Revenue records in every geographic segment it operates in, with iPhone growth of 22% and the best Mac quarter the company has ever had. The company beat Wall Street estimates.
公司在其運營的所有地理區域均創下收入紀錄，iPhone 銷售額增長了 22%，Mac 業務也創下了公司有史以來的最佳季度表現。公司業績超出華爾街預期。
Shares fell 9.7% during Friday's morning trading, wiping roughly $475 billion off a market capitalization that stood near $4.9 trillion at Thursday's close.
周五上午交易中，股價下跌 9.7%，市值蒸發約 $4,750億，而截至周四收盤時，其市值約為 $4.9兆。
That is Apple's deepest intraday drop since March 2020.
這是蘋果自 2020 年 3 月以來最深的盤中跌幅。
The gap between those two facts is a component Apple does not make, cannot substitute and no longer prices.
這兩個事實之間的差距源於蘋果不生產、無法替代且不再定價的一個組件。
Chart: Apple Eyes Worst Day Since March 2020
圖表：蘋果或將錄得自 2020 年 3 月以來最糟糕的一天
Why is Apple Selling Off Friday
為何蘋果周五股價下跌
Revenue landed at $109.42 billion, up 16% from a year earlier and ahead of the $108.65 billion Wall Street expected. Earnings came in at $2.02 per share against a $1.89 consensus.
營收達到 $1,094.2億，同比增長 16%，高於華爾街預期的 $1,086.5億。每股收益為 $2.02，高於市場普遍預期的 $1.89。
Company gross margin was 50.1% in the June quarter, including roughly 2 percentage points of tariff refund benefit.
該公司六月季度的毛利率為 50.1%，其中包括約 2 個百分點的關稅退稅收益。
Adjusted, that is 48.1%. In the March quarter it was 49.3%.
經調整後，該數值為 48.1%。三月季度則為 49.3%。
Guidance for the September quarter is 47% to 48% including about 1 point of refund benefit, which puts the underlying figure near 46.5%.
對截至九月的季度的毛利率指引為47%至48%，其中包括約1個百分點的退款收益，這使得基礎毛利率接近46.5%。
That is 280 basis points of compression across two quarters.
這意味著在兩個季度內毛利率壓縮了280個點子。
The Sentence That Moved The Stock
讓股價波動的那句話
Chief Financial OfficerKevan Parekhtold analysts that more than 100% of both legs of that decline is explained by a single input, with carry-in inventory and cheaper non-memory components partly offsetting.
首席財務官Kevan Parekh告訴分析師，這一降幅的兩個組成部分中，超過100%可由單一因素解釋，而期初庫存和更便宜的非記憶體器組件部分抵消了該影響。
Memory did all of it.
記憶體器造成了全部影響。
Chief ExecutiveTim Cooksaid Apple raised prices reluctantly because it is dealing with what he characterised as "a 100-year flood on the memory pricing with exponential increases in memory prices."
首席執行長蒂姆·庫克表示，蘋果不情願地提高了價格，因為公司正面臨他所描述的「記憶體器價格百年一遇的洪災，記憶體器價格呈指數級上漲」。
It was Cook's final earnings call as chief executive. He becomes executive chairman on Sept. 1, with hardware chiefJohn Ternustaking over.
這是Cook作為首席執行長參加的最後一次業績電話會議。他將於9月1日起轉任執行董事長，由硬體業務主管John Ternus接任。
Apple guided September revenue growth of 9% to 11%, below the 12% consensus, with 2.5 percentage points of that shortfall coming from currency.
蘋果對九月季度的收入增長指引為9%至11%，低於市場普遍預期的12%，其中2.5個百分點的缺口來自匯率因素。
Three Suppliers, No Alternatives
三家供應商，別無選擇
Memory means DRAM and NAND flash, the chips that hold data while a device is running and after it powers down. Every iPhone, Mac and iPad ships with both.
內存指的是DRAM和NAND閃存，即在設備運行時以及斷電後仍能保存數據的晶片。每部iPhone、Mac和iPad都同時配備這兩種晶片。
Cook was unusually direct about the structure underneath the problem.
Cook對問題背後的結構表述得異常直接。
The DRAM market has three suppliers. More would help availability, he said, and possibly price, and Apple is evaluating all options.
DRAM市場有三家供應商。他表示，增加供應商將有助於提升供應可用性，也可能影響價格，蘋果正在評估所有選項。
Those three areSamsung Electronics Co.(OTC:SSNLF),SK Hynix Inc.(NASDAQ:SKHY) andMicron Technology Inc.(NASDAQ:MU).
這三家公司分別是Samsung Electronics Co.（場外交易代碼：SSNLF）、SK Hynix Inc.（納斯達克代碼：SKHY）和美光科技（納斯達克代碼：MU）。
On high-bandwidth memory, the stacked DRAM feeding AI accelerators, the two Korean firms alone hold roughly 78% of the market, according to Counterpoint Research.
根據Counterpoint Research的數據，在高帶寬內存（HBM，即用於AI加速器的堆疊式DRAM）領域，僅兩家韓國公司就佔據了約78%的市場份額。
Every gigabyte routed into HBM consumes roughly three times the wafer capacity of standard DDR5.
每吉字節的HBM所消耗的晶圓產能大約是標準DDR5的三倍。
The AI build-out is not competing with Apple for finished chips. It is competing for the fabs that make them.
AI基礎設施建設並非在與蘋果爭奪成品晶片，而是在爭奪製造這些晶片的晶圓廠產能。
Conventional DRAM contract prices rose 90% to 95% quarter over quarter entering 2026 and roughly 60% again in the second quarter, according to TrendForce, which projects a further 13% to 18% in the third.
根據TrendForce的數據，進入2026年時，傳統DRAM合約價格環比上漲了90%至95%，第二季度再次上漲約60%，並預計第三季度將再上漲13%至18%。
A bakery can be the best in the city and still lose money when flour triples.
一家麪包店即使被評為全市最佳，當麵粉價格漲至三倍時仍可能虧損。
How The Street Reacted
華爾街的反應
According to Benzinga Analyst Ratings, target revisions on Apple stock went both ways.
根據Benzinga分析師評級，蘋果股票的目標價調整方向不一。
Goldman Sachs' Michael Ng cut to $360 from $370 and kept Buy. Morgan Stanley'sErik Woodring moved to $360 from $364, staying Overweight.
高盛的Michael Ng將目標價從$370下調至$360，並維持買入評級。摩根士丹利的Erik Woodring將目標價從$364上調至$360，維持超配評級。
Barclays' Tim Longcut to $245 from $253 and stayed Underweight, the lowest target on the tape.
巴克萊銀行的Tim Long將目標價從$253下調至$245，並維持低配評級，為當前所有目標價中最低水平。
JPMorgan trimmed to $340 from $345. Needham's Laura Martin maintained Hold without a target.
摩根大通將目標價從$345小幅下調至$340。Needham的Laura Martin維持持有評級，但未給出目標價。
Two firms went the other way.
有兩家公司則採取了相反方向的調整。
Rosenblatt's Barton Crockett raised his target to $300 from $276 while keeping Neutral.
Rosenblatt的Barton Crockett將其目標價從$276上調至$300，同時維持中性評級。
Wells Fargo lifted its target to $350 from $310, while flagging that its 2027 and 2028 earnings estimates now sit about 9% below where the Street stood before the quarter.
Wells Fargo將其目標價從$310上調至$350，同時指出其對2027年和2028年的盈利預期目前比華爾街在本季度前的普遍預期低約9%。
BofA Securities' Wamsi Mohan did not move at all. He kept Buy and a $380 objective, the highest on the tape, and raised his fiscal 2026 earnings estimate to $8.85 from $8.63.
BofA Securities的Wamsi Mohan未作任何調整。他維持買入評級，並保持$380的目標價（為當前所有目標價中最高水平），同時將其對2026財年的盈利預期從$8.63上調至$8.85。
The below-consensus September guide, Mohan wrote, "reflects supply constraints (iPhone, Mac and iPad) not weaker demand."
Mohan寫道，低於市場共識的9月業績指引「反映的是供應限制（iPhone、Mac和iPad），而非需求疲軟。」
Barclays at $245 and BofA at $380 are currently 55% above market prices.
巴克萊銀行的$245和BofA的$380目前較市場價格高出55%。 (Benzinga)