--- title: "The AI cash burn wave raises overheating concerns, and Apple's conservative strategy becomes a protective talisman" type: "News" locale: "zh-HK" url: "https://longbridge.com/zh-HK/news/265392584.md" description: "Apple's conservative investment strategy in the field of artificial intelligence has instead become its protective shield in the current AI boom. As investors express concerns over the hefty investments in companies like OpenAI, Meta, and Microsoft, Apple has garnered renewed attention due to its low capital expenditures and ample cash reserves. Although Apple is seen as a potential beneficiary of AI, its stock may become a \"safe haven\" among tech stocks when the AI frenzy cools down" datetime: "2025-11-11T19:55:48.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/265392584.md) - [en](https://longbridge.com/en/news/265392584.md) - [zh-HK](https://longbridge.com/zh-HK/news/265392584.md) --- > 支持的語言: [简体中文](https://longbridge.com/zh-CN/news/265392584.md) | [English](https://longbridge.com/en/news/265392584.md) # The AI cash burn wave raises overheating concerns, and Apple's conservative strategy becomes a protective talisman For a long time, Wall Street has criticized Apple for not being as aggressive in its investments in artificial intelligence as other large tech companies, but this strategy has now turned into a "stroke of luck" for the iPhone manufacturer. As investors begin to reassess the massive investments made by companies like OpenAI, Meta, and Microsoft in the AI field, these hot tech stocks have experienced significant volatility this year, leading investors to view Apple in a new light. While Apple is still seen as a potential beneficiary of AI, it does not bear the risks of high capital expenditures and has ample cash reserves. If the AI boom cools down, Apple’s stock may become a "safe haven" in the tech sector. "Its hedging value lies in the fact that it is still a tech company, but not an AI company," said Brian Mulberry, a client portfolio manager at Zacks Investment Management. "The market's optimism about Apple is that it does not have to answer the major question that other companies face: What is the return on capital invested in other areas?" The logic is simple: Apple provides new features to millions of users using AI models from other companies while avoiding the high costs of developing its own AI like other tech giants. "Among the 'Tech Seven', Apple has the least involvement in AI in terms of capital expenditure and leverage," said Brian Pollak, head of the investment policy committee at Evercore Wealth Management. "The company is expected to benefit from the AI wave without making huge investments." Apple's capital expenditure for the current fiscal year (ending September 2026) is expected to be around $14 billion; in contrast, Microsoft's full-year capital expenditure (ending next June) is expected to exceed $94 billion, while Meta, with a scale only half of Apple's, is expected to exceed $70 billion this year. This difference is particularly evident in stock performance. This year, the AI boom has swept the market, but Apple has been the worst performer in Bloomberg's "Tech Seven Index," with a gain of only 8.4% in 2025, while Alphabet rose 52% and Nvidia rose 45%. The S&P 500 and Nasdaq 100 indices have also significantly outperformed Apple this year. However, last week, as concerns about excessive corporate AI spending intensified, tech stocks generally came under pressure, but Apple outperformed its peers and the broader market. While other tech stocks fell, Apple remained nearly flat for the week. In fact, since the second half of this year, Apple’s stock price has risen 32%, significantly outperforming the S&P 500, Nasdaq 100 indices, and most tech giants. "Apple has a very strong balance sheet, robust cash flow, and a deep 'moat'," Pollak said. "These factors make it more defensive than those companies that have invested heavily in AI and have higher leverage." This Monday, there was a noticeable difference in the stock prices of Apple and other tech giants. While AI concept stocks surged due to optimistic expectations about the end of the U.S. government shutdown, Apple's stock performance was muted, as the market worried about a potential delay in the release of next year's next-generation iPhone Air As investor concerns about the scale of AI spending rise and the desire to see actual returns increases, this "differential treatment" becomes particularly critical. "The momentum is weakening, and the market's interest in buying the dip is declining," said Mark Grant, Chief Global Strategist at Colliers Securities. "The valuations of some AI stocks have already gone out of control." Apple's latest earnings report provided positive guidance, but the quarterly performance was mixed, with an unexpected decline in market revenue. In contrast, some of the "Seven Giants," including Meta and Microsoft, faced significant setbacks due to high capital expenditures and disappointing revenue outlooks. For example, Meta's stock plummeted over 11% on October 30, marking its largest single-day drop in three years, as CEO Mark Zuckerberg emphasized during the earnings call that the company must further increase AI investments. Of course, market optimism about AI remains high, and the market position of large tech stocks is unlikely to be shaken in the short term. The question investors are pondering is: What role does Apple play in an AI-dominated stock market? Is it a defensive asset in a conflict market, or is it a "big tech laggard" that has failed to seize the current trend? "I don't think Apple is a hedge asset; it's just a stagnant stock," said Vikram Rai, Portfolio Manager and Macro Trader at First New York. "I don't believe it will provide the kind of excess returns you want for your portfolio." ### 相關股票 - [Apple (AAPL.US)](https://longbridge.com/zh-HK/quote/AAPL.US.md) ## 相關資訊與研究 - [Apple Intelligence briefly appears in Chinese mainland before withdrawal](https://longbridge.com/zh-HK/news/281116116.md) - [Apple Stock (AAPL) Gets a Rare 'Sell' Rating from 5-Star Barclays Analyst, Says 'iPhone Unit Trends Remain Soft' & 'Valuation Remains at the High End'](https://longbridge.com/zh-HK/news/281186505.md) - [Insig AI Plans Growth Drive and Eyes Nasdaq Dual Listing](https://longbridge.com/zh-HK/news/281311983.md) - [AI Recommendation Poisoning: Why Microsoft (NASDAQ:MSFT) Is Fighting So Hard](https://longbridge.com/zh-HK/news/281654309.md) - [Meta's AI push is reshaping how work gets done inside the company](https://longbridge.com/zh-HK/news/281658969.md)