Here’s why Apple could be next stock to plummet after Google and Intel

After escaping October’s brutal ending largely unscathed, Apple (NASDAQ: AAPL) stock might be set for a massive plunge at the very start of November, as it is scheduled to publish a pivotal earnings report.

Specifically, the upcoming filing – due after the closing bell on Monday, November 2 – appears more likely to trigger an AAPL shares sell-off than a rally thanks to the wider climate in big tech, several adverse developments regarding the new iPhones, and stretched valuations.

All things considered, Apple cannot fully benefit from the iPhone boost in the filing since the new models came out too late to have a major impact on Q4. 

Additionally, the firm might be unable to benefit from the smartphones to a significant degree when providing guidance due to fragility concerns regarding the iPhone Duo, and allegedly weaker-than-expected demand for the iPhone 18.

The forecast could be impacted further by the continuously high hardware costs that have led to industry-wide price hikes, and inflationary pressure on consumers – the September report for the U.S. indicated an increase to 3.7%.

Analysts forecast significant slowdown in Apple growth

Meanwhile, the earnings-per-share (EPS) and revenue forecasts and the difference between Q2 and Q3 also work against Apple stock. 

To begin with, Wall Street is calling for $113.46 billion in Q4 sales and an EPS of $1.99. These figures represent a 10.73% and a 7.57% rise relative to the same quarter in 2025, but only a 3.69% and a 4.19% increase relative to Q3.

Notably, the blue-chip technology giant also saw both metrics drop between the second and third quarter this year, and the timing of the new iPhone launch raised the risk of the firm underperforming once again.

Still, since the drop is likely to have been, at least in part, seasonal and the traditionally strong holiday season is right around the corner, the firm could offer a positive surprise to its bulls.

Overall, the relative slowdown is likely to – unless there is a major and positive surprise in the actual Q4 performance – place the emphasis on guidance, which, again, appears likely to be lower than hoped-for due to the pressures consumers have been facing for years.

Could Apple Intelligence serve as major AAPL stock catalyst in Q4 earnings?

Elsewhere, the upcoming report features another potential wild card: the new CEO, John Ternus, might increase Apple’s focus on artificial intelligence (AI) and related expenditures.

Previously, involvement with AI has been a significant bullish catalyst, leading multiple companies to involve themselves in so-called ‘AI washing’ – taking on the branding associated with the technology even if their products do not merit it – but more recent developments indicate the benefits of such a move are far more dubious.

In 2026, investors have grown increasingly skeptical of the ability of large language models (LLMs) and related systems to provide genuine benefits to companies within the foreseeable future, leading the dwindling cash piles of some of the traditionally wealthy companies to take center stage.

Under the circumstances, the possible refocusing on Apple Intelligence could easily be a gamble that does not pay off.

Is Apple stock in danger of crashing 30% after Q4 earnings?

In terms of the impact a disappointing Q4 report could have, late October provided two stark examples. 

During the Thursday session last week, Alphabet (NASDAQ: GOOGL) suffered a roughly 12% drop as its search revenue diminished relative to overall sales and the company conceded that AI – including its own AI – is having an adverse effect on Google’s core business.

If Apple stock faces a comparable drop and assuming it remains generally flat on Monday, it would mean the equity has fallen from $344.63 at the Friday close to $301.21 on Tuesday evening, and that the company’s market capitalization wiped $633 billion and dropped from $5.03 trillion to $4.4 trillion.

The semiconductor giant Intel (NASDAQ: INTC) provided an even more dire example as the firm’s shares collapsed more than 28% on Friday after issuing relatively weak guidance. If Apple suffers a comparable drop, its stock will have crashed to $246.13, and its valuation will have erased $1.44 trillion, with a fall to $3.59 trillion.

Crucially, a plunge as large as the one suffered by INTC appears fairly unlikely, as Intel stock’s 133.09% 12-month rally – measured at the eve of the Friday crash – invited a far greater correction than AAPL shares’ 28.09% 52-week rise does.

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