The reason is because people have stopped buying iPhones every year. Apple has been priced like a growth stock for a very long time but their revenues have stopped growing! (Seriously, look at their earnings reports)

Now compare to Nvidia, their stock has been on an AI related run because their revenues have been MASSIVELY increasing over the past year, because they sell the most advanced chips for training and inferencing the most complex models.

Apple may be “doing AI” now, but it’s for consumer products, they’re not selling enterprise AI services nor are they selling the actual chips needed to train and inference.

Also, I have major doubts as to whether any of the Apple AI announcements are going to drive higher iPhone sales. There will be tech evangelists who buy a new iPhone for the AI features but the bulk of users are folk like my parents, who use their phone for calling, messaging, and taking photos. The only thing they ever noticed with new phones was either it was:

1: better camera

2: better/bigger screen

3: really obviously faster

The last few phones have been indistinguishable in terms of screen, performance, or camera, and my own personal iPhone cycle went from every year or every other year, to now roughly every 3/4 years (and I’m an engineer).