Apple’s reluctance to join Big Tech’s AI spending spree is suddenly in favor with investors. After lagging through midyear, shares rallied about 35% since June as AI highfliers such as Meta and Microsoft slid and Nvidia underperformed; the S&P 500 rose roughly 10% over the same stretch. The surge pushed Apple’s market value to about $4.1 trillion and made it the second-largest weight in the index, aided by views that Apple can benefit from AI when it’s ready for mass adoption without massive near-term capex. Some shareholders tout the company as an “anti-AI” holding amid skepticism over industrywide data-center outlays. Still, at roughly 33 times forward earnings—near multi-year highs—critics warn investors may be overpaying for defensiveness.
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