Up by 385% after 84% correction – How should you decode VELVET’s price trends?

Apple, which does not participate in the AI arms race, has become a "safe haven" amid the AI sell-off; however, with its high valuation, Apple also faces a judgment on its growth.

In the fourth fiscal quarter ending at the end of September, Apple's total revenue increased nearly 12% year-on-year. iPhone revenue exceeded expectations with a 17.5% increase, and Mac revenue grew nearly 24%, surpassing analysts' expectations by 11%. However, iPad and wearable device revenue both fell short of expectations. EPS rose 14% year-on-year, and the gross margin of 47.9% reached its lowest point in a year, supported by U.S. tariff exemptions. Service revenue hit a record high for a single quarter. Greater China revenue increased 21%, though it was still 6.5% below analyst expectations. For the full fiscal year, revenue set a historic record, but shareholder returns declined, with stock repurchases down nearly 5% from last year to $86.4 billion. During the earnings call, management disclosed that rising memory prices are eroding profit margins, and guidance for next quarter’s gross margin is only 45% to 46%, much lower than this quarter’s 47.9%. After-hours stock price fluctuated and turned downward, at one point dropping more than 4%.

Marvell announced the acquisition of Lumentum for an enterprise value of $115 billion, making it the second largest deal in the technology industry’s history after the merger of SpaceX and xAI. Upon completion of the transaction, former Marvell shareholders will hold approximately 67% of the merged company, and the deal is expected to be finalized in the first half of 2028. However, as AI-related stocks are currently under pressure, the market is not optimistic about this deal. Both Lumentum and Marvell shares plummeted on Monday as investors are concerned about the limited potential for cost synergies and the uncertainty of regulatory approval.

The decline in CFTC gold fund long positions and SPDR holdings suggests that gold may be experiencing a liquidity shock to supplement margin requirements for tech stocks. Despite capital inflows into US Treasuries for risk aversion causing Treasury yields to fall, this has not managed to stimulate bullish sentiment for gold.