US Stock Market Move | Next quarter's services business growth rate will continue to slow; Apple Inc. (AAPL.US) falls 4% in pre-market trading.

On Tuesday, Apple Inc. (AAPL.US) fell 4% in pre-market trading to $324.80. On the news front, Apple Inc. management explicitly stated on the earnings call that the growth rate of the services business will continue to slow in the next quarter. This outlook is particularly concerning to investors because the deceleration in the services business is not a temporary issue but has structural pressure at its root. Courts and regulators around the world continue to restrict Apple Inc.'s ability to charge developers high commissions on the App Store, which is the largest component of the services business. More notably, one of the previously very significant sources of App Store feesOpenAI's ChatGPT apphas begun directing potential subscribers to pay directly on its website after Apple Inc. and OpenAI fell out over a trade secrets dispute, thereby bypassing Apple Inc.'s "toll booth."