Apple(US:AAPL) 财联社·2025-11-23 06:36Core Viewpoint - The article discusses the ongoing AI arms race among major tech companies, particularly the "Big Seven" in the U.S. stock market, highlighting the significant capital expenditures being made to build AI infrastructure and the associated market concerns regarding the sustainability of these investments [1][2]. Group 1: Market Performance and Reactions - The recent sell-off in the tech sector has heavily impacted companies like Meta, while Alphabet and Apple have shown resilience, with their stock prices increasing by 6.6% and 0.4% respectively in the past month [5][4]. - The Nasdaq Composite Index has dropped by 6.1% since early November, reflecting growing investor concerns over excessive AI spending [5]. Group 2: Company Strategies and Market Sentiment - Alphabet's AI product Gemini has gained traction, particularly with the recent launches of Gemini 3 and Nano Banana Pro, contributing to positive market sentiment [5][7]. - Apple's conservative capital expenditure strategy has been validated as a means to mitigate concerns over excessive spending, allowing it to avoid the pitfalls faced by other companies [6][5]. Group 3: Competitive Landscape and Future Outlook - Google has successfully alleviated investor fears regarding AI's impact on its search business, positioning Gemini as a strong competitor to ChatGPT [7]. - Analysts suggest that if the AI bubble bursts, larger companies like Google and Apple may emerge stronger, benefiting from reduced competition and lower spending demands [8][9]. Group 4: Risks and Industry Dynamics - The article highlights the potential risks for smaller players in the AI space, as a downturn could lead to significant reductions in orders for hardware suppliers like Nvidia [11]. - The cyclical nature of investments in semiconductors and AI infrastructure is noted, indicating that these investments carry higher risks [12].