Apple is increasingly diverging from its tech giant peers on the stock market as it dodges the AI-fueled anxiety roiling the industry.
The company’s correlation to the tech-heavy Nasdaq 100 index is at its lowest point since 2006. That’s a positive, one strategist said, given that the market is playing “AI whack-a-mole” as investor sentiment swings from fears of dramatic AI investments not paying off to worries that AI is going to kill traditional software businesses.
But Apple “doesn’t fit the bill on either side of that angst,” Bloomberg wrote. While the company has faced challenges integrating AI into its products, it also hasn’t joined the mega-spending spree that has strained its competitors’ finances.