Big Take Is Apple Winning the ‘AI Scare Trade’?
21 snips
Feb 25, 2026 
Mark Gurman, Bloomberg’s Apple reporter who tracks product plans, and Ryan Vlastelica, Bloomberg equities analyst focused on tech-market moves. They explore why Apple has decoupled from Nasdaq shifts. They discuss the market’s AI scare trade, Apple’s hardware-first AI bets, missed AI investments, and what this means for investor timing and expectations.
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Apple Has Decoupled From The AI-Driven Nasdaq
- Apple has largely decoupled from Nasdaq moves because it isn't a major AI spender and seems less exposed to AI disruption.
- Ryan Vlastelica measured a 40-day correlation near 0.21, the lowest since 2006, showing Apple moves independently.
Apple Seen As Diversification With AI Optionality
- Investors treat Apple as a diversification play with optional AI upside via its device ecosystem rather than a pure AI bet.
- The logic: people will access AI on iPhones, so Apple benefits if AI proliferates without being the AI spender.
Use Apple To Diversify AI Market Risk
- Use Apple as a portfolio diversifier if you're concerned about AI-driven volatility in software-heavy stocks.
- The stock's low correlation with the Nasdaq offers risk reduction while preserving AI upside via device usage.