Apple(US:AAPL) 智通财经网·2025-11-11 14:18Core Viewpoint - Apple has adopted a conservative "cost-saving AI" strategy, which has now positioned the company as both a "safe haven" and an "AI beta" investment amid the ongoing AI investment wave, contrasting with other tech giants that have heavily invested in AI infrastructure [1][2][10] Group 1: Investment Positioning - Apple is viewed as a potential winner in the AI wave without the heavy capital expenditure risks faced by competitors, supported by strong free cash flow and the belief that "AI inference blue ocean" and "physical AI" will become new revenue engines for the company [2][4] - Unlike other tech giants, Apple does not face the existential question of the return on massive AI investments, allowing it to leverage cutting-edge AI models from other companies to enhance its iPhone user experience without incurring significant infrastructure costs [3][10] Group 2: Capital Expenditure Comparison - Apple's projected capital expenditure for the current fiscal year is approximately $14 billion, significantly lower than Microsoft's expected over $94 billion and Meta's forecast of over $70 billion, despite Meta's smaller market cap [7][8] - This difference in capital expenditure has resulted in Apple's stock underperforming compared to peers in an AI-driven market, with a year-to-date increase of only 7.6% compared to substantial gains for companies like Alphabet and Nvidia [8][9] Group 3: Market Performance and Sentiment - Despite a mixed earnings report and unexpected revenue decline in China, Apple's stock rose nearly 3%, contrasting with declines in stocks of other tech giants facing heavy AI spending and disappointing revenue outlooks [9][10] - Apple's stock has shown resilience during market downturns, highlighting its strong cash generation ability and solid balance sheet, making it a defensive choice compared to competitors with higher AI expenditure [10][12] Group 4: Future Growth Potential - Analysts believe that "physical AI" could be a significant growth engine for Apple, with potential revenue opportunities from its planned Apple Robotics series estimated at around $130 billion by 2040, representing a substantial portion of its current revenue base [11][12] - The ongoing optimism in the AI market suggests that even amid skepticism, large-cap tech companies like Apple are unlikely to lose their status as market favorites, with short-term pullbacks seen as buying opportunities [12][13]