Some important data points as we approach Apple's earnings report on Monday (very unusual for Apple to report results on a Monday - normally it would have occurred last night): Apple is the 4th largest PC seller in the world. PCs accounted for 9.5% of Apple's revenues last quarter. iPad computers accounted for another 5.6%. Total exposure: 15% of revenues. Apple's Q2 Mac PC Y/Y revenue growth was +29%. Omdia''s PC Market Pulse estimated Apple Mac PC unit shipments were up +16% Y/Y in Q2. Omdia's Mac PC unit shipment estimate for Q3: -11%. No reported estimates for tablets, but same headwinds as for PCs. Unlike Dell & HP, Apple does not have computer server shipments into datacenters to offset this. Apple's iPhone sales in Q2 grew 22% Y/Y. IDC estimates unit sales in Q2 were up 15%. IDC's iPhone shipment estimate for Q3: -4%. IDC: “Current indicators suggest that the market has not yet reached the bottom,” IDC research director Nabila Popal said. “Memory costs have surged approximately 350 percent since last year and are still rising, creating substantial pressure on vendor margins and shipments. The worst is yet to come.” Tim Cook called the memory price surge "a 100-year flood." Apple's margins were already under pressure in recent quarters. Shipment lead times for the new iPhone 18 Pros have collapsed vs. last year's iPhone 17 models. In much of Asia (including China) current wait times are reportedly down to single days. This weakness should impact current Q4 results. Reportedly, Apple recently cut iPhone 18 orders to its suppliers by 10% to 15%. Apple's Duo foldable phone is in great shortage because of manufacturing problems with hinges and screens. Reportedly they were getting only 60% yields according to their Chinese manufacturers. Apparently, some of the "good" units shipped weren't very good either - leading to this week's "Crackgate" screen reports from upset buyers. Reviewers have generally panned the Duo. Too heavy, poor camera, clunky buttons. A good part of the initial "demand" came from scalpers who could sell the rare Duos for twice their cost. Apple's Service revenue growth rates have been in sharp decline in recent quarters. Per Sensor Tower data, U.S. App Store revenues in Q2 went negative (that upset Apple shareholders in Q2). The U.S decline worsened in Q3: -7% Y/Y. Apple's Service revenues should be under more pressure in Q4 in Europe as the new EU fee agreement began on October 1. App Store In-App Purchases (IAP): Standard commission reduced from 30% to 26% (and from 15% to 15% / 10% for small businesses and auto-renewing subscriptions after Year 1). EU accounts for approximately 7% of Apple's Services business. Other countries globally are similarly pressuring App store fees lower. A human (me) using his brain put this information together. The computer-driven stock buyers simply "rotate" into Apple's stock when semiconductors stocks fall or when the AI building capex binge comes into question. Supposedly, Apple's stock is a "safe haven." But it wasn't a safe haven in late-July when Apple reported Q2 results and the stock plummeted 45 points over two days (a record high 345 to 300). In last night's trading, Apple hit another record high (352.93) on more rotation after AMZN & INTC stocks sold off hard on their results. Apple is a low growth (or maybe no growth or worse in the near future) company trading at a $5.1 trillion market cap (largest in the world), a 40 P/E and Price/Sales ratio of 11 (historically high for Apple). What could go wrong (on Monday)?