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The $AAPL guide is not as bad as it first looks. Stock now down 8%, at after-hours lows. Bottom line: Doing the math, if not for FX and supply constraints, I believe the September revenue guide would have called for up 15% yy in September vs Street at up 12%. Here's how I get there: * For September the Street was at 12% growth. They guided 9-11%. * Cook says the supply constraints to increase significantly in September. The "significantly increase supply constraints" will hide what the underlying demand actually is. * FX was a 2.5% q/q negative impact to growth. * Adding back the FX was 2.5% gets us to 11.5% and 13.5%. They typically come in at the high end.