$Apple(AAPL)$
The real driver behind the sell-off seems to be that Scott Bessent knew going into the Camp David meeting that Japan was selling US Treasuries to buy back the yen, which happened on 7/30-7/31. The Bank of Japan likely notified Bessent through back channels even earlier. That is why JPM, Goldman Sachs, and BOA started demanding extra collateral from highly leveraged hedge funds earlier in the week. He probably tipped off the Wall Street big players before the NY Fed used Goldman Sachs and MS to buy yen for the US Treasury. The timing, Thursday into Friday, once again left retail investors holding the bag. I think the selling turned algorithmic after some banks and hedge funds took profits on AAPL ahead of time, knowing this was coming.
If someone cannot handle a 10-15% correction in what is arguably the best blue chip company right now, one that is not going to be dishonest about the AI disruption, unlike Amazon which has been spending heavily since OpenAI emerged in 2022 and has only pulled in a few billion from that spend so far, then maybe they should not be in it.
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