Apple remains the lone Big Tech stock in the red post-Trump tariff turmoil

Almost two months after Donald Trump first announced his… creative tariffs plan, the stock market has more or less moved on. The biggest tech stocks have bounced back, helped by AI hype, strong earnings, and a growing sense that most of the plan won’t come to pass anyway. Apple, however, remains in the red.

Since Trump made the announcement on April 2nd, shares of Amazon (+7%), Google (+8.8%), Meta (+10%), Microsoft (+20.2%), and Nvidia (+26.3%) have all erased their post-announcement losses, and then some. Apple, meanwhile, is still down more than 10%.

That divergence, of course, is Wall Street’s direct reaction to how it sees Apple’s unique exposure in this whole mess.

The China of it all

Initially, most of Big Tech dipped after Trump’s initial tariff announcement, which was to be expected. Everyone relies on China, in one way or another. But everyone else found a reason to rally: generative AI, cloud strength, new product cycles.

Apple, on the other hand, is still dealing with the fallout of the trade war with China, it’s still dealing with the need to prove to investors that the diversification to India, Vietnam, and Brazil might actually work and, on top of it all, it’s now having to deal with Trump’s recent souring on Tim Cook.

And as Camp Trump uses the elusive U.S.-assembled iPhone as a political football, shareholders are understandably on edge. And not just direct Apple shareholders. Shares of key suppliers like Luxshare and Goertek have also dropped almost 10% in the last few weeks.

It’s worth noting that a U.S. trade court just struck down much of Trump’s April 2 tariff package, saying it exceeded presidential authority. And as the White House appeals and the case drags on, the uncertainty alone is more than enough to keep weighing on Apple’s stock more than its peers.

And then, there’s AI

Part of the stock gap also comes down to the AI narrative. Amazon, Google, Meta, Microsoft, and Nvidia are all riding high on the AI boom and recent AI-focused events. To some degree, investors have a clear picture of how these companies will benefit directly from AI, whether through cloud services, chips, developer platforms, or new subscription bundles.

As for Apple, until the company proves that it actually knows what it’s doing, where to go from here, and, more importantly, how AI might drive revenue, Wall Street will keep writing Apple off as not part of the AI story. Without that momentum, Apple is left alone fighting an uphill battle against macro headlines and geopolitical risk.

Of course, all of that could very well change in the next few weeks. WWDC is just around the corner, and if the courts permanently kill Trump’s plan, Apple’s stock might rally and catch up. But for now, Apple is in a uniquely uncomfortable spot: no AI narrative, no clean exit from China, and no more love from the Oval Office.