Apple moves opposite AI stocks as Nasdaq-100 correlation hits -0.86, Bloomberg says
In brief
- Apple shares rose 27% in 2026 through mid-to-late October, per Bloomberg via Crypto Briefing.
- Apple was the single largest contributor to the S&P 500's 13% gain over that stretch.
- Apple's Nasdaq-100 correlation fell to -0.86 in early September, the lowest since 2005.
- Apple rose 2% in one October week while the chip index fell more than 11%.
- Rich valuations and rising memory prices are flagged in the report as risks to Apple's margins.
A correlation reading not seen since 2005
The numbers behind the trade are stark. In early September, Apple's correlation with the Nasdaq-100 fell to -0.86, the lowest reading since 2005, according to Bloomberg's data as relayed by Crypto Briefing.
October brought more of the same. During an AI-driven selloff that month, Apple shares rose 2% over a single week while the Philadelphia Semiconductor Index (a benchmark for chipmakers) fell more than 11%. Apple shares also reportedly set new highs during those selloffs, at times taking the company's market cap past $5 trillion, the report said.
That's the core of the "hedge" argument Bloomberg and Crypto Briefing are making.
Why Apple's held up
So what's different? Crypto Briefing's analysis points to strategy. While peers put heavy spending into AI data centers, Apple took a more conservative path (on-device AI features, its own silicon and partnerships rather than large infrastructure buildouts). The outlet put Apple's installed base at more than 2.5 billion active devices.
Market disruptions tied to AI infrastructure debt and memory pricing pressure have hit AI hardware companies, Nvidia included. Apple's hardware-centered business model and lighter exposure to AI spending let it largely avoid that fallout, Crypto Briefing said. Investors have also rewarded its strong free cash flow and steady share buybacks.
The risks the report flags
It isn't a one-way story, and the report doesn't pretend it is. Apple's valuation has climbed along with its share price, which leaves less room for disappointment.
Memory is the other pressure point. The same rising memory prices that rattled AI hardware names could squeeze Apple's margins, Crypto Briefing said, because its devices rely heavily on memory chips.
The headline correlation figure comes with a caveat too. The outlet noted the -0.86 reading reflected a specific moment in September, not a permanent rule of how markets behave.
Frequently asked questions
Why has Apple stock moved opposite to AI stocks in 2026?
According to Crypto Briefing's report on Bloomberg's findings, Apple took a more conservative path than peers spending heavily on AI data centers. It relied on on-device AI features, its own silicon and partnerships. Its hardware-centered model and lighter exposure to AI spending helped it largely avoid fallout from AI infrastructure debt and memory pricing pressure.
What does Apple's -0.86 correlation with the Nasdaq-100 mean?
Bloomberg data cited by Crypto Briefing showed Apple's correlation with the Nasdaq-100 fell to -0.86 in early September 2026, the lowest reading since 2005. A strongly negative reading means Apple tended to move opposite to the index. The outlet cautioned that it reflected a specific moment, not a permanent market rule.
What risks does the report flag for Apple?
Crypto Briefing noted that Apple's valuation climbed alongside its share price, leaving less room for disappointment. It also said rising memory prices that hit AI hardware names could squeeze Apple's margins, since its devices rely heavily on memory chips.
