Apple has turned into Wall Street's hedge against the AI trade: Chart of the Day

When AI stocks get hit, investors have found a place to hide. It's the company that has mostly sat out the AI spending race — Apple (AAPL). Chip stocks have had plenty of rough days this year, and Apple has mostly shrugged them off. On the 46 days the Philadelphia Semiconductor Index (^SOX) fell 2% or more, Apple rose on 30, about two out of every three. That's new. From 1994 through last year, Apple rose on only about 1 in 6 of those days, and no year came anywhere close to this one, by Yahoo Finance's calculations. Yahoo Finance Apple and chip stocks have basically stopped moving together.