00:00It's Benzinga, bringing Wall Street to Main Street.
00:02Apple 40-day correlation to the Nasdaq 100 index fell to 0.21 last week,
00:08the lowest level since 2006, according to Bloomberg data.
00:11The correlation reached 0.92 in May and has declined as Apple largely avoided the AI,
00:18spending surge affecting other tech stocks.
00:20The iPhone maker is not participating in the CapEx build-out tied to artificial intelligence
00:24and does not have a major business line seen at risk from AI tools.
00:28The stock rose 3.2% on Tuesday, while the Nasdaq 100 fell 0.1%,
00:33marking the third time this month Apple outperformed the index by at least 3 percentage points.
00:39Apple is up 1.7% in February, compared with a 3.3% drop in the Nasdaq 100
00:45and a 7.5% decline in the Magnificent 7 index.
00:49The stock trades at about 30 times forward earnings.
00:52For all things money, visit Benzinga.com.
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