While the broader AI trade has punished major technology stocks, Apple has defied the trend. Shares of Microsoft, Google, and Amazon have fallen sharply as investors question the massive capital expenditures fueling the AI build-out. Apple, long criticized for its slower AI rollout, is now up 5.9% over the past month, riding a different wave.

The divergence stems from spending. Amazon, Google, Meta, and Microsoft collectively plan $665 billion in 2026 capital expenditures for data centers. In contrast, Apple's projected capex is just $13.5 billion. This capital discipline appeals to investors weary of soaring bills. Furthermore, Apple's core business is thriving; iPhone revenue hit a record $85.3 billion last quarter, crushing estimates.

Customers remain focused on hardware upgrades like new designs and cameras, not AI. Yet a significant threat looms: a global memory crunch that CEO Tim Cook warns will pressure iPhone margins. This supply chain issue, affecting nearly all Apple products, proves the company is not entirely immune to the forces reshaping the tech sector.