Apple stock has become an anti-AI trade. Here's why

What happened

Goldman Sachs traders noted Apple's correlation to the Nasdaq-100 turned negative this year for the first time ever, around -0.1 over three months, as Apple adopted artificial intelligence less aggressively than other major tech companies.

Confirmed

Global impact / market context

Apple no longer moves with the tech index, so investors holding it as a proxy for tech may be exposed to different swings. Its slower AI spending may cushion results if borrowing costs for AI build-outs worry markets, changing how portfolios diversify.

Analyst inference

Investors piled into faster AI adopters, and Apple's 111% shareholder return trails Meta's 125% and Alphabet's 164%. Apple's cautious AI approach may be helping of late, with its shares up 4.4% in October while the Nasdaq-100 dropped nearly 5%.

Analyst inference

What to watch

1. Apple released iOS 27, which includes a rebuilt Siri AI, on Sept. 14, later than Alphabet's and Meta's chatbot and personal AI agent launches. Confirmed
2. Watch whether Apple speeds up its artificial intelligence spending or keeps its cautious approach, which would shape how closely its shares track the Nasdaq-100. Proposed
3. Track iPhone Duo demand: launch-day pickup inventory sold out quickly and some deliveries appear delayed as far as late January, suggesting sales strength that may support revenue. Analyst inference

Evidence

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