Apple's strength makes sense in the current market. When investors rotate away from high-beta AI infrastructure names, they often seek companies with resilient earnings, strong free cash flow, and massive balance sheets. Apple fits that profile.

That said, I would be cautious about adding aggressively at fresh all-time highs.

Bullish case:

Apple generates enormous cash flow and has one of the strongest balance sheets in the market.

Its ecosystem provides recurring revenue through services, reducing earnings volatility.

If Apple successfully strengthens its in-house AI silicon through acquisitions or internal development, it could improve its long-term AI competitiveness.

In a risk-off environment, investors often favour companies with predictable earnings.

Reasons for caution:

Much of the current move appears driven by rotation into safety rather than a new fundamental catalyst.

Valuation becomes more demanding as the stock reaches successive record highs.

Apple still faces questions about the pace at which AI features will translate into meaningful revenue growth.

If market sentiment shifts back towards higher-risk growth sectors, capital could rotate out of defensive mega-cap names.

Would I add Apple here?

Long-term investor (5+ years): Yes, but only gradually through dollar-cost averaging. Apple remains a high-quality business, even if short-term upside may be more limited.

Looking for the best near-term return: I would probably wait. Buying after a strong defensive run often offers a less favourable risk-reward profile than waiting for a pullback or broader market consolidation.

Overall, I view Apple as a high-quality compounder rather than a bargain at these levels. It deserves a premium valuation, but its recent outperformance appears driven as much by investors seeking safety as by new earnings catalysts. If you already own Apple, I would be comfortable holding it. If you are initiating a position, building it gradually rather than chasing the rally would likely provide a better balance between opportunity and risk.