IMO Apple sitting out the cap ex race is extremely bullish. They’re a consumer electronics company. They don’t need to be spending $100+ billion to develop something they can just buy when it’s ready. Inevitably the cap ex race will slow and there will be losers that Apple can just outright buy.
“We are fine accidentally overspending a few hundred billion if it means we win the AI race” - Zuck
Translation: “We are all lighting money on fire, but at least we have a bigger pile to burn than most.”
They have AAPL for disti and are otherwise vertically integrated. No one else is. They win the race as they started the race 5 years before everyone else. They seem to have their swagger back and the stock is still “cheap” on a relative basis