Apple’s Restraint Finds Fans as AI Spending Faces Scrutiny

Apple Inc. has faced plenty of criticism from Wall Street for not spending as aggressively on artificial intelligence as its Big Tech rivals. But that strategy is suddenly a blessing for the iPhone maker.

Investors are beginning to scrutinize the huge sums companies like OpenAI, Meta Platforms Inc. and Microsoft Corp. are spending on AI, leading to heavy volatility in what had been some of the year’s biggest momentum plays. As a result, Apple’s position is being re-evaluated.