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The milestone signals a rotation toward companies with lighter AI-related capital spending as investors grow wary of heavy capex under high rates. This favors Apple shares relative to capex-intensive AI names, with Nvidia facing relative pressure as its AI spending draws more scrutiny.
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Apple's closing market capitalization surpassed $5 trillion, ranking second only to Nvidia, as rising concerns over AI capital spending under high interest rates earned low-capex Apple a "safe-haven" label.
The milestone signals a rotation toward companies with lighter AI-related capital spending as investors grow wary of heavy capex under high rates. This favors Apple shares relative to capex-intensive AI names, with Nvidia facing relative pressure as its AI spending draws more scrutiny.
Finnhub·10/24, 05:35 AM
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