Apple's stock moved against the Nasdaq-100 this year, with the two turning negatively correlated for the first time ever. The split follows Apple's slower push into artificial intelligence, which may be helping the shares in October while the Nasdaq-100 dropped.
Apple stock and the Nasdaq-100 are now negatively correlated. Goldman Sachs traders pointed out that the correlation between the two turned negative this year for the first time ever, sitting around -0.1 on a trailing three-month basis.
The shift is sharp. The Apple/Nasdaq-100 correlation stood at 0.97 at one point in 2020 and reached as high as 0.91 in 2025.
Slower AI adoption sets Apple apart
The decoupling comes as Apple has adopted AI less aggressively than other major tech companies. Alphabet and Meta Platforms have launched chatbots and personal AI agents, while Apple only released iOS 27, which includes a rebuilt Siri AI, on Sept. 14.
Investors, in turn, have piled into other tech names. Apple has returned 111% to shareholders, against 125% for Meta and 164% for Alphabet.
Apple shares gain 4.4% in October
However, Apple's more cautious AI approach may be helping the company of late. Its shares are up 4.4% in October, while the Nasdaq-100 has dropped nearly 5% amid concerns that some companies may be borrowing too much money to fund their AI build-out.
Excitement around the iPhone Duo launch was also palpable. Launch-day pickup inventory of the foldable phone sold out quickly, and some deliveries appear to be delayed as far as late January.
More broadly, the decoupling could benefit the Nasdaq-100, with Apple potentially serving as a safety trade amid growing AI volatility.
Source: CNBC
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