Goldman Sachs analysts have noted a significant change in the correlation between Apple and the Nasdaq-100 index, which has turned negative this year, with a correlation coefficient of approximately -0.1 over the last three months. This marks a stark contrast to previous years when the correlation was as high as 0.97 in 2020 and 0.91 in 2025.
The decoupling is attributed to Apple's slower adoption of AI technologies, especially when compared to competitors like Alphabet and Meta Platforms, which have actively launched AI products. Despite this cautious stance, Apple's stock has performed well, returning 111% to shareholders, although it lags behind Meta's 125% and Alphabet's 164%.
In October, Apple's shares rose by 4.4%, while the Nasdaq-100 fell nearly 5%, indicating that investors may view Apple as a safer investment amid concerns over excessive borrowing by other tech firms for AI initiatives. Additionally, the recent launch of the iPhone Duo has generated significant excitement, with reports of quick sellouts and delayed deliveries extending into January.
This decoupling trend could ultimately benefit the Nasdaq-100, positioning Apple as a more stable option in a volatile AI market