Apple shares have risen approximately 24 to 25 percent year-to-date in 2025, closing near $338 as of late July. Apple’s capital expenditures for fiscal 2025 came in at $12.7 billion, roughly 3 percent of the $360 billion to $416 billion collectively spent by Amazon, Alphabet, Meta, and Microsoft on AI infrastructure. Apple’s strategy relies on on-device AI capabilities, ecosystem integration, and selective cloud partnerships rather than building sprawling data center empires. The market appears to be rewarding Apple’s fiscal discipline over its competitors’ massive spending, although a risk exists: if AI infrastructure spending proves highly profitable for the other Big Tech companies, Apple could find itself lagging without the infrastructure needed to compete.
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