Apple and the Nasdaq just broke their 40-year relationship

Apple was once synonymous with the Nasdaq's success. Now, for the first time in four decades, the stock has decoupled from the technology-heavy index.

The split is a result of AI stocks increasingly driving the Nasdaq 100, while Apple continues to make its money selling flagship consumer products.

Apple breaks from the Nasdaq

The three-month rolling correlation between Apple stock and the Nasdaq 100 has fallen to -0.12. It's the first negative reading since the early 1980s.

The correlation has stayed negative for two straight months. During that stretch, Apple stock gained 9.7%, while the Nasdaq 100 rose just 0.2%.

As recently as June 2025, the correlation stood at 0.90, meaning Apple and the index were moving almost in lockstep.

Apple remains one of the Nasdaq 100's largest constituents, so a negative correlation would have been almost unthinkable for much of the past two decades.

Apple's $3,000 iPhone finds buyers

While much of the technology sector is pouring money into AI, Apple is still selling expensive smartphones.

The company's first foldable smartphone, the iPhone Duo, sold out its initial online preorders within minutes of its Oct. 16 launch, pushing delivery estimates into January.

New iPhones almost always sell out. But the iPhone Duo did it within minutes despite prices ranging from $1,999 to $3,199.

📌 Bottom line: Apple's break from the Nasdaq 100 shows how much the index has changed as AI stocks take up more of its performance.