a16z charts: Apple capex down 20% from pre-AI-boom levels, the only Mag7 stock beating Nasdaq this year
FinanceYF5 · x · 2026-11-09
a16z's weekly charts highlight Apple's contrarian path in the AI arms race.
- Capex divergence: Since Q1 2023, Alphabet, Microsoft, Amazon, and Meta have grown capex 5–8x, while Apple spends roughly 20% less than before the AI boom.
- Market drag: Hyperscalers, neoclouds, semis, and the AI supply chain have dragged Nasdaq down over the past 30 days, with Costco and Walmart among the biggest positive contributors.
- Apple's lead: Apple is the only Mag7 company beating either major index year-to-date; Nvidia's slim S&P 500 lead has since evaporated.
The open question: will Apple's restraint prove an advantage or a cost?
Related event: Apple Cuts Capex 20% as AI Rivals Ramp Up Spending(2 posts)→
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