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Abnormal market behavior: Apple's earnings exceed expectations across the board, yet the stock plunges after hours The most fundamental rule of the capital market: stock prices never rise on good news, they rise on expectations. Apple's latest Q3 overall revenue, profit, and hardware sales all surpassed market expectations. The quarterly data, viewed historically, is undeniably strong. Logically, with positive fundamentals realized, the stock price should rally to recover, but after hours it clearly plunged. Many don't understand this "good news, big drop" anomaly; essentially, retail investors focus on current data, while institutions trade on future logic. This earnings report looks impressive on the surface, but all the market's real concerns have been exposed. The high-margin services business growth has clearly slowed, loosening the core growth logic; Greater China’s recovery is weaker than expected, and hardware categories show differentiated weakness. Most critically, the Q4 guidance is conservative, combined with supply chain shortages and rising cost pressures, institutions directly conclude: Apple's future high growth potential has been compressed. Apple's stock price strengthened steadily in the first half of the year, already pricing in all optimistic expectations. When realized data can no longer exceed expectations, or future outlooks are weak, profit-taking at high levels is inevitable. This is an eternal truth in financial markets: Good news realized means cashing out, exceeding expectations drives price increases, meeting expectations is bad news. #苹果第三财季业绩超预期，盘后股价大幅下跌 Whether trading US stocks or cryptocurrencies, this logic universally applies. Never make decisions based on data that has already passed; what truly determines price trends is always the market's pricing expectations for the future. #SoftPCEStrongDemand #AMZNMissesButRallies #MSFT450BInADay