Apple Becomes The AI Hedge — And The Squeeze Is Building

The AI "hedge"

Apple’s 40-day correlation to the Nasdaq 100 recently fell to 0.21, the lowest since 2006. Apple is behaving more like a hedge to AI than an AI participant.

Source: Bloomnberg/GS

 

Underweight giant

The average large cap mutual fund is most underweight AAPL according to GS.

Source: GS

 

Haven't seen this in a while

AAPL outperforming the MAG index by some 7% YTD. Chart 2 shows Apple beating the MAG by 15% over the past month.

Source: LSEG Workspace

 

Source: LSEG Workspace

 

King Apple

AAPL in pole position over the past month. Chart shows the MAG7 in %.

Source: LSEG Workspace

 

Apple in control

Apple continues to grind higher, now back above its 100-day moving average. Major resistance sits near $280. A decisive close above that level, and the anti-AI squeeze could start to accelerate.

Source: LSEG Workspace