share repurchases drive future earnings. Apple =hares overreact to supply chain revisions. The 8.5% decline in Apple =hares following Lumentum's and Qorvo's negative pre-announcements this =eek suggests investors remain narrowly focused on units, despite the =ncreasing value of Apple Services. As high

o Apple. While we believe investors should focus on =ervices rather than units, we provide our view on negative =re-announcements from Lumentum and Qorvo in response to investor =uestions. We believe Apple's December quarter guidance incorporates =hese revisions as guidance was provided less than two