$Apple(AAPL)$ $Alphabet(GOOGL)$
Iβm reading this as a clean, controlled downtrend in $AAPL, with structure doing all the talking.
Price is still respecting the descending trendline, and every bounce so far has been corrective, not impulsive. Rejections near prior intraday supply continue to align with the Daily Top zone, reinforcing that sellers remain firmly in control on rallies.
Iβve got a key Fibonacci level at $258.10, and that remains the downside magnet if this base gives way. Before that, $263 is the line in the sand. If $263 fails to hold on a closing basis, the path of least resistance stays lower, with acceptance toward the fib and deeper value below.
For this to even shift into a bullish conversation, I need two things. First, $263 must hold and start behaving like real demand, not just a pause. Second, price needs to reclaim and close above the descending trendline with follow-through. Wicks wonβt cut it. Without that, upside is still just mean reversion inside a broader downtrend.
Now zooming out, the relative-strength story matters. As of the close, $GOOGL has overtaken $AAPL to become the second-largest market cap company in the world for the first time since 2018. Alphabet now sits near $3.89T versus Apple around $3.85T, marking a clear shift in leadership that the tape is confirming.
Alphabet has transformed into a full-stack AI platform. Its stock is up roughly 66% over the last 12 months as Gemini adoption accelerates, search disruption fears fade, and Google expands across the AI ecosystem, from models to infrastructure. Analysts are increasingly framing Google as a potential dominant AI platform, with its custom TPUs, DeepMind assets, and even Waymo representing optionality that the market is now starting to price.
By contrast, Apple continues to struggle with its AI narrative. Delayed feature rollouts and a lack of clear differentiation have left investors unconvinced, and that hesitation is showing up in relative performance, not just headlines.
When leadership changes at the top, itβs rarely cosmetic. Capital is rotating with intent, and right now the market is rewarding AI execution and punishing uncertainty.
Until $AAPL holds $263 and breaks the trendline, rallies remain suspect, weakness remains unfinished business, and the broader leadership shift stays a headwind, not a footnote.
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