Apple skips AI capex yet is the only Mag7 stock beating Nasdaq; Roblox says 80% of top games use AI
a16z Newsletter · rss · 2026-11-06
a16z's Charts of the Week packs three data stories:
Apple wins by sitting out the AI arms race
- The stocks dragging Nasdaq down over 30 days are hyperscalers, neoclouds, semis and the AI supply chain; Apple is the only Mag7 company beating either major index YTD
- The four big hyperscalers grew capex 6-9x since 2023; Apple's capex is below pre-AI-boom levels, and capex as % of sales fell a third
- iPhone revenue growth rebounded, services compounding 13% yoy; iPads are now under 6% of revenue
Roblox's AI numbers stand out
- Over 80% of the top 100 games used AI tools last month; daily asset uploads tripled MoM
- Top creators' AI tool time tripled since Q2; daily MCP-server users grew 5x
- Build (prompt-to-game) hit 500K users and 70K+ published games in alpha; two nearly fully AI-made games broke into the top 20 — and people actually play them
GLP-1 spending: Circana data shows GLP-1 households end up spending more on dining out by year 2, shifting toward pricier healthy foods while alcohol spend drops below average.
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