苹果的走势曾长期代表科技板块的走势。多年来情况确实如此，但如今已不再如此。
As goes Apple , so goes the tech sector. For years, that was the case, but not anymore.
高盛的交易员指出，今年苹果股票与纳斯达克100指数的相关性首次转为负值。事实上，按过去三个月计算，两者的相关系数约为-0.1。
Traders at Goldman Sachs pointed out that the stock's correlation to the Nasdaq-100 index turned negative this year for the first time ever. Indeed, the correlation coefficient between the two sits around -0.1 on a trailing three-month basis.
2020年某一时点，苹果与纳斯达克100指数的相关性曾高达0.97。2025年，这一相关性最高达到0.91。
At one point in 2020, the Apple/Nasdaq-100 correlation stood at 0.97. In 2025, it got as high as 0.91.
这种急剧脱钩之际，苹果在采用人工智能方面不如其他大型科技公司那样激进。
The sharp decoupling comes as the company has moved to adopt artificial intelligence less aggressively than other major tech companies.
例如，Alphabet和Meta Platforms已推出聊天机器人和个人AI代理，而苹果直到9月14日才发布iOS 27——其中包含重建的Siri AI。投资者转而涌入其他科技股。
For example, while Alphabet and Meta Platforms have launched chatbots and personal AI agents, Apple only released iOS 27 — which includes a rebuilt Siri AI — on Sept. 14. Investors in turn have piled into other tech names.
苹果向股东回报了111%，而Meta和Alphabet的回报率分别为125%和164%。不过，苹果更为谨慎的AI策略近来可能反而对公司有利。
Apple has returned 111% to shareholders, while Meta and Alphabet have seen returns of 125% and 164%, respectively. However, Apple's more cautious AI approach may be helping the company of late.
10月苹果股价上涨4.4%，而同期纳斯达克100指数下跌近5%，原因是市场担心一些公司可能借贷过多来为AI建设提供资金。
Shares are up 4.4% in October, while the Nasdaq-100 has dropped nearly 5% in that time amid concerns that some companies may be borrowing too much money to fund their AI build-out.
除此之外，市场对公司推出iPhone Duo的兴奋之情显而易见。
On top of that, excitement around the company's iPhone Duo launch was palpable.
这款折叠屏手机首发日的到店自提库存很快售罄，部分订单的交付似乎被推迟到明年1月下旬。
Launch-day pickup inventory of the foldable phone sold out quickly , and some deliveries appear to be delayed as far as late January.
更广泛地看，这种脱钩可能对纳斯达克100指数有利，在AI波动加剧之际，苹果可能成为一种避险交易。
More broadly, the decoupling could be beneficial for the Nasdaq-100, with Apple potentially serving as a safety trade amid growing AI volatility.