Good afternoon - QQQs +50bps sold of in the afternoon along with other risk assets such as BTC -2%. IWM +1.1% and ARKK +60bps outperformed, as did semis +2.2% led by MU’s better than expected earnings. AAPL weighed down the indexes finishing down 4% on news the DOJ was suing for antitrust violations, one of the biggest one-day declines outside earnings I can remember; even though precedents suggest resolution of complaint will take 3-5 years (including appeals), sentiment was already neg on AAPL given concerns over next iPhone cycle and being behind in AI so this just added fuel to the fire. Bernstein had an initial note saying worst case: AAPL pays a fine and loosens restrictions for competition across the iOS platform with a downside risk that courts allow hw competitors equal access to AAPL’s APIs and ecosystem. Other fears I heard were AAPL ultimately having to address 30% take-rate given success of EU regulation.
In internet, AMZN finished flat after being rejected at $180 agai…
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