Apple becomes investors' favorite AI hedge as its stock outpaces Big Tech

Apple shares are up 27% in 2026, making the company the biggest contributor to the S&P 500's 12% gain and the best performer among the Magnificent Seven. Investors are using Apple as a hedge against AI volatility, though its 36x earnings multiple is the highest since 2008.

• Apple gained 27% in 2026 versus 8% in 2025
• 10-day correlation with the SOX chip index is negative 90%
• Shares trade at 36x earnings, twice Nvidia's valuation
• Revenue growth of ~15% is expected to slow to 9.7% in fiscal 2027