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My hunch is that it's mostly a mixture of the first two issues. Multinationals (including some tech firms) have reported seeing macro pressures in markets where low oil/commodity prices are a problem, and IDC and Gartner just reported macro and forex (along with several other issues, to be fair) hurt Q1 PC sales. Apple has strong exposure to China (24% of FQ1 sales), and meaningful exposure to markets where oil accounts for a big part of GDP.

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