This likely explains the steep $AAPL selloff today. The softer than expected Dec CPI print's likely weakened the haven trade.

And of course, the underlying core culprit remains Apple's deteriorating growth, which contradicts the AI upgrade supercycle premium that's been priced in since June. Poor iPhone 16 uptake and entrenched market share loss is now the base case that can't and shouldn't be dismissed. 

Remember, management never guided outsized growth for the Sept nor Dec quarter, despite the AI-enabled iPhone 16. The AI upgrade supercycle narrative was a market-curated concept by Apple bulls. 

And things will only get uglier later this month when management provides another round of modest guidance, especially given March quarter seasonality weakness. The bulls will be caught on the back foot and act all surprised...but was there really anything to be surprised about?