The news did not affect the price in the way you are describing. The AH drop you are noticing was well after markets had time during the trading day to react. T

The news did not affect the price in the way you are describing. The AH drop you are noticing was well after markets had time during the trading day to react. The timeline is important: the earliest archive link of the news I can find is from 11:55pm UTC April 30th. This leaves the entire trading day May 1st for the market to react. Apple’s earnings call was also May 1 after hours and it was their quarterly financials that led to the drop you described. In addition, pre- and post-market trading tends to have higher volatility due to the lower volume. In other words, markets are not pricing in a significant hit to Apple’s bottom line as a result of this ruling right now.