Apple stock drops 7.4%, loses $426B in 2 days

Apple stock fell 7.4% on July 31, losing about $426 billion in market value in two days after strong fiscal Q3 2026 results.

Investors worried about weaker guidance, rising costs, potential consumer demand pressure, and Apple's AI growth outlook.

Apple's fiscal Q3 2026 net sales increased 16.4% year over year, with iPhone sales up 21.7%.

Apple raised prices in June on Mac, iPad, Apple TV, HomePod, and Vision Pro due to higher memory chip costs, according to CEO Tim Cook.

Wells Fargo analyst Aaron Rakers asked about pull-forward demand during the July 30 earnings call.