Apple's trailing three-month correlation with the Nasdaq-100 has fallen to about -0.1 according to traders at Goldman Sachs, the first negative reading on record and down from 0.91 in 2025. The article's own calculation puts it at -0.11 at the October 27 close, and the measure has stayed below zero since August 10, 2026, although a reading near -0.1 is weak. From September 30 to October 27, Apple rose 4.2% while QQQ fell 2.5%, which the article links to investor worry about the cost of the AI build-out; Apple returned $33 billion to shareholders in its June quarter. The article says the pattern could fade if AI stocks rebound, and points to supply constraints and Apple's October 28 event as tests of its pricing power. The stock trades at about 45 times earnings, near its 52-week high of $351.73.
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AAPLNasdaqvaluationshare buybacks
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Related tickers and likely impact
AAPL
• NeutralApple Inc.
Relevance: low
| Market | US stocks |
|---|---|
| Sector | Information Technology |
| Industry | Technology Hardware, Storage & Peripherals |
| Market cap | $5.1T |
| Close on 10/27/2026 | 347.10 |
| Change that session | +0.93% |
QQQ
• NeutralInvesco QQQ Trust
Relevance: low
| Market | US stocks |
|---|---|
| Sector | ETF |
| Close on 10/27/2026 | 721.25 |
| Change that session | +1.27% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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