Passage: "The 'efficient market hypothesis' (EMH) posits that asset prices fully reflect all available information. There are three forms of EMH: weak-form, semi-strong form, and strong-form. The weak-form EMH suggests that current prices reflect all past market prices and trading volumes, making technical analysis (studying past price movements) ineffective. The semi-strong form EMH asserts that prices reflect all publicly available information, including financial statements, news announcements, and economic forecasts, thereby rendering fundamental analysis (evaluating a company's intrinsic value) useless. Finally, the strong-form EMH claims that prices reflect all information, whether public or private, meaning even insiders cannot consistently earn abnormal returns. While empirical evidence largely supports the weak and semi-strong forms, the strong-form remains highly contentious due to evidence of insider trading profitability. Regardless, the EMH provides a theoretical benchmark for understanding market behavior." If a stock market analyst consistently achieves abnormal returns by carefully studying a company's publicly released quarterly earnings reports and predicting future stock movements, which form of the Efficient Market Hypothesis would be most strongly challenged?

1. AWeak-form EMH
2. BAll three forms of EMH equally
3. CStrong-form EMH
4. DSemi-strong form EMH