Apple alone among the "Magnificent Seven" tech stocks trades near its all-time high, while Microsoft, Nvidia, Tesla, Meta, Google, and Amazon have all declined significantly from their peaks. Apple's relative outperformance reflects investor caution about artificial intelligence spending commitments by rivals, who are investing heavily in AI infrastructure expected to yield returns later. New CEO John Ternus takes the helm September 1 as the company faces pressure to demonstrate its own AI strategy.
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