BUZZ-Apple shines as rest of Magnificent Seven retreats after Nvidia results

Shares of Apple AAPL.O rise 0.5% to $241.10 in late afternoon trade, bucking the wider AI selloff after Nvidia results

The iPhone maker, which recently launched a budget iPhone 16e, has also been grappling with investor worries over demand due to a slow rollout of its AI-powered Apple Intelligence features

"It's a little bit less levered to NVIDIA results than some of the other hyperscalers like Microsoft and Meta and Amazon that are spending hundreds of billions of dollars on CapEx" - Ross Mayfield, investment strategist at Baird

Nvidia shares drop 4% as its upbeat quarterly forecast failed to quell worries about Big Tech's AI spend

Other Magnificent Seven stocks: Amazon.com AMZN.O, Meta Platforms META.O, Alphabet GOOGL.O, Microsoft MSFT.O and Tesla TSLA.O about flat to down 1.3%

Apple shares have outperformed other Magnificent Seven stocks since the DeepSeek selloff which raised questions about the need for billions of dollars to build AI infrastructure