Who Sold AAPL on Sep.20?

On September 20, it was clear that there was a move that Rebalancing of $Technology Select Sector SPDR Fund(XLK)$ brought $Apple(AAPL)$ $10 billion in inflows, but the end of the day for AAPL was extremely bizarre.

1. Half an hour before the close, AAPL saw a massive amount of money slamming the market in the face of other negative sentiment in the broader market;

2. Trading volume in the last 10 minutes exceeded 2 million shares, more than the entire day's trading volume, and the day's trading volume was four times that of weekdays;

3. The only thing that can offset the buying by passive index funds is the strength of institutional investors.

The number of Apple shareholders who have the ability to reduce their holdings by 2 million shares in one fell swoop is close to 300 institutions, but many in the market are speculating that this may have come from Warren Buffett due to the following reasons

1. $Berkshire Hathaway(BRK.A)$ cut its Apple position in the 13F disclosed by Q2

2. Current position in Apple is no more than 5% and not subject to disclosure

3. It's also one of the few shareholders to make a large reduction in their holdings in the most recent quarter

This trade is indeed smarter, taking advantage of the passive buying of index shifts (and will be hard to come by in the future) and with few worries.Since Apple is also liquid enough, it caused volatility for a short period of time, but not so much as to affect the share price trend.

Of course, in Q2 there were also some organizations that made liquidation cuts and had pessimistic expectations for Apple, mainly in these areas:

1. The iPhone 16 series has not yet officially stepped into the AI cycle, and debut sales performance was weak.One week after launch, delivery time performance varied across markets, with increased delivery time in the US, UK and India, and shorter delivery time in China.

2. Apple's service revenue growth rate may decline, service revenue may receive impact due to the high base, the decline of purchasing power level in different regions, and the corresponding AI products still have not landed.

So, the difference in investors' attitudes towards Apple is not too great

1. Due to the current highs, and the decline in growth expectations, big rallies are hard to come by, and a large number of options investors are selling Calls that expire at various times at 250

2. A big fall is also difficult due to the large amount of repo support, and the largest amount of PUT shorts are held around 200.