Apple Outperforms AI Sell-Off to Reclaim No. 2 Market Value with Prudent AI Spending (AAPL-US)

In a sell-off triggered by scrutiny of AI spending and the launch of new tools by Anthropic, Apple (AAPL-US) surged, up about 6% on Thursday (2/5/2026), outperforming the tech-heavy Magnificent Seven and the broader Nasdaq that fell 3% for the week. The company’s Thursday performance was 4 percentage points higher than the Nasdaq, its largest one-day outperformance in over a year. The stock posted a dramatic turn from 2025, when it rose 8% versus the 24% of the S&P 500, amid concerns it lagged in the AI race. As software and semiconductor valuations eroded—losing over $120 billion in market value—Apple’s more disciplined, lower capital expenditure on AI became an attractive alternative. Market reaction to its upbeat fiscal 2026 report, including record iPhone sales and upbeat revenue and gross margin guidance, was initially muted due to lack of specifics on AI spending. However, investors increasingly favor Apple’s prudence, with its expected 2026 capital expenditure of about $130 billion significantly lower than peers like Meta ($1.35 trillion), Alphabet ($1.85 trillion), and Amazon ($200 billion). On February 4, Apple’s market value surpassed Alphabet’s to once again hold the No. 2 spot, reflecting strength in a shifting risk-off environment.