Apple is increasingly viewed by investors as an “anti-AI” megacap, a relative safe haven amid volatility tied to artificial intelligence spending, according to MoffettNathanson. While other Magnificent Seven names have swung with shifting sentiment around AI infrastructure returns and rising capital expenditures, Apple has traded more defensively. Rather than being seen as a direct AI winner or loser, the company has become a source of stability when risk appetite weakens.

MoffettNathanson raised its price target on Apple to $270 from $241, maintaining a "Neutral" rating. The higher target reflects stronger-than-expected iPhone 17 demand, including record upgrades and growth in switchers, particularly in Greater China. The analysts argue that the earlier narrative of Apple as a major AI beneficiary, driven by expectations of an AI-led iPhone supercycle and potential subscription revenue, has faded.

Instead, Apple is once again being valued primarily as a best-in-class hardware company with a powerful services ecosystem. The note also points to improving performance in China and suggests Apple’s competitive position is more resilient than previously feared, despite pressure from domestic OEMs. Near-term headwinds remain, including memory cost pressures and evolving tariff policies. However, the firm views these as earnings variables rather than structural threats to Apple’s long-term valuation.