Russell Investments PM: Apple is a liquid hedge against AI volatility

The framing is notable: Apple is being pitched less as an AI growth story than as a defensive parking spot within tech, which says something about how the AI trade's risk profile is now being discussed. It matters for portfolio allocators seeking tech exposure without direct AI-model risk, and for how Apple's stock behaves relative to AI-linked names during drawdowns. The open question is whether that hedge reputation holds if Apple's own fundamentals decouple from the AI narrative, or if it only works while the company is perceived as outside the AI fray.