Apple’s Nasdaq-100 Correlation Turns Negative as Shares Gain 4.4% in October

Apple’s trailing three-month correlation with the Nasdaq-100 was about -0.1 as of Oct. 26, its first negative reading, marking a split from the index.

Apple shares gained 4.4% in October through Oct. 26, while the Nasdaq-100 lost nearly 5%. The index’s decline coincided with concerns that some companies may be relying on too much borrowing to pay for AI expansion.

The relationship had been positive in earlier periods. It reached 0.97 at one point in 2020 and 0.91 in 2025. The new figure adds an index comparison to Apple’s recent divergence from chip stocks.

Apple has adopted AI more cautiously than some other large technology companies. Alphabet and Meta Platforms have launched chatbots and personal AI agents, while Apple released iOS 27 on Sept. 14 with a rebuilt Siri AI.