Apple Inc. has emerged as an unlikely winner from Wall Street's growing scepticism over artificial intelligence spending, with investors rotating into the iPhone maker. The stock rebounded sharply after disappointing investors with its latest AI announcements, adding nearly $600 billion (approx. ₹56.4 trillion) in market value since bottoming on June 25 and returning to record highs. Apple's AAPL shares have climbed 15% over the period, while the Philadelphia Semiconductor Index has declined 7%. The broader S&P 500 has gained 3%, and the technology-heavy Nasdaq 100 has risen just 1.3%. The rally made Apple the best-performing member of the Magnificent Seven this year, with the stock gaining about 18% in 2026, outperforming Nvidia, Microsoft, Alphabet, Amazon, Meta Platforms and Tesla. Unlike rivals such as Microsoft, Alphabet, Amazon and Meta, Apple has largely avoided the costly race to build AI data centres. The shift in sentiment has helped Apple recover despite continued criticism of its AI offerings. Apple responded to rising memory chip prices by raising prices on Macs, iPads and home devices on June 25, triggering its biggest single-day decline since April 2025. While iPhone prices have so far remained unchanged, the company has indicated that further price increases remain possible. Apple is also reportedly negotiating with two Chinese semiconductor manufacturers to diversify memory chip supplies.