Apple's stock price also plummeted at the opening bell, and has been declining for the past month. Why is Apple's stock price falling despite strong earnings? Will it continue to fall? I analyzed the core reasons, which can be summarized in three points: First, memory costs have skyrocketed. The new CEO openly stated that the price increase is unprecedented, and the gross margin guidance for the next quarter has dropped from 47.9% to 45%-46%, squeezing profits. Second, the growth rate of the services business has slowed down. It has fallen from double digits to 8%-9%, shaking the high valuation narrative. Third, the Greater China region has missed expectations for two consecutive quarters. The strong earnings report is because it sold off past inventory; the stock price drop is because cheap memory will be harder to find in the future. Furthermore, the reputation of the foldable phone Duo has plummeted, making it arguably the worst Apple product ever. The short-term pressure hasn't subsided yet, so don't rush to buy the dip. Wait for the gross margin guidance to be released first.