Chip stocks have had many tough days this year, and Apple has mostly shrugged them off. In the 46 days the Philadelphia Semiconductor Index (^SOX) fell 2% or more, Apple rose 30, or about two out of three.
It’s new. From 1994 to last year, Apple only rose about 1 in 6 days, and no year came close to that, according to Yahoo Finance calculations.
Apple and Chip stocks have all but stopped moving together. Apple’s correlation with the chip index – a measure of how close two assets are – turned negative in July and hit its lowest level on record in September.
The gain appeared on Friday. Over the past month, Apple has gained about 3% while the iShares Semiconductor ETF (SOXX) has fallen about 17%. That gap pushed Apple Friday ahead of Nvidia (NVDA) as Wall Street’s most valuable company.
It’s not just a one-month thing. Apple is up about 27% this year, more than double the gain of the S&P 500 (^GSPC).
So why Apple? Follow the money. Learn more.
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