Apple is going its own way on AI. The market now has to price a distinct strategy rather than a consensus buildout, so execution and monetization matter more than the narrative. $AAPL

What happened: Apple (AAPL) keeps annual capex near $10B while Microsoft, Alphabet, Amazon and Meta have each guided $100B to $200B in capex for 2026. Apple reports earnings today, with new CEO John Ternus hosting his first call. Key numbers: Apple capex about $10B annually. Rival 2026 capex guidance $100B to $200B each. Why it matters: Apple has insulated its balance sheet and cash flows from the AI spending scrutiny facing rivals, but it relies on third-party frontier models and hyperscale cloud partners for high-end AI, giving up control over compute architecture.

Apple (AAPL) keeps annual capex near $10B while Microsoft, Alphabet, Amazon and Meta have each guided $100B to $200B in capex for 2026. Apple reports earnings today, with new CEO John Ternus hosting his first call.

Apple has insulated its balance sheet and cash flows from the AI spending scrutiny facing rivals, but it relies on third-party frontier models and hyperscale cloud partners for high-end AI, giving up control over compute architecture.