消息發酵，估計是做空和獲利盤了結共同的結果，前麵確實漲太高，後麵可能繼續跌，直到探底成功。

AI給的分析。

Key Reason: SEC Investigation

• Bloomberg reports that the U.S. Securities and Exchange Commission (SEC) is probing AppLovin’s data-collection practices. Reuters

• The investigation reportedly centers on whether AppLovin breached its service agreements with platform partners by pushing more targeted advertising than allowed. Reuters

• After the news broke, the stock dropped nearly 14% in one session. Reuters

---

Background & Possible Contributing Factors

Some of these were already concerns, and the SEC news likely triggered a sharper move:

Factor	Details
Short-seller reports / allegations	Earlier, firms like Culper Research and Fuzzy Panda had accused AppLovin of misrepresenting its AI claims, data practices, or violating terms of service in its ad operations. Investopedia+2Financial Times+2
Regulatory / compliance risk	A company in ad tech being investigated over data practices raises questions about future fines, enforcement, and restrictions.
High valuation & speculative sentiment	APP has had strong gains and expectations already baked in. In such cases, any negative surprise tends to lead to sharper downside.
Earnings / margin concerns	Some analysts have flagged that while revenue is growing, EPS momentum is weakening — hinting at potential margin compression. Seeking Alpha+1

---

Bottom Line

The SEC probe is the trigger for the sharp drop today. But it’s amplifying underlying vulnerabilities: regulatory risk, scrutiny from short-sellers, and possibly overextended sentiment.