Ryan Vlastelica 2.4 1 idea

AAPL has decoupled from the Nasdaq 100 recently. Unlike peers, Apple is not spending massive Capex on AI infrastructure and isn't in the "line of fire" for AI disruption (software replacement). Investors are treating AAPL as a defensive play because it utilizes AI on the edge (iPhone) without the massive capital expenditure risks or the existential threat facing pure software companies. LONG AAPL as a defensive tech allocation. Rising memory chip prices impacting hardware margins; lack of a perceived "killer app" for AI.