New Delhi, Sept. 4 -- As investors grow wary of the billions US tech giants are pouring into AI infrastructure-and whether that spending will translate into returns-they are looking for ways to diversify their tech bets. Apple is quietly emerging as an alternative, offering exposure to technology without taking on the same heavy AI infrastructure spending risk.

Apple shares have gained about 7% over the past month versus a 1% gain for the Nasdaq-100. More strikingly, he 30-day correlation between the second-largest company in the world and the Nasdaq-100 Index reached a low of negative 0.86, its most inverse level since 2005.

The key difference is capital spending, or capex, points out Viram Shah, Founder & CEO, Vested Finance.

Unlike,...