Jenny Ellis
Apple, the iPhone and services giant that anchors more individual investor portfolios than almost any other stock, is once again drawing buyers even as broader markets wobble. Shares of Apple (AAPL) have been among the most purchased names by retail investors through the recent selloff, according to sentiment survey data and Schwab trading activity, as war in Iran and a historic 47% surge in oil prices pushed the Dow and Nasdaq into correction territory.
At a Glance
- Oil prices have jumped 47% since the Iran conflict began, the largest spike in crude's history.
- Nearly half of surveyed investors say they are buying dips in Apple, Microsoft and Nvidia.
- 27% of respondents now expect the market to fall another 10% or more within six months.
- Apple remains a top retail holding despite broader worries that big tech is overvalued.
- Investors are selling Broadcom, AMD and Occidental Petroleum even as they add to Apple positions.
Why Apple Keeps Drawing Buyers Despite the Selloff
The selloff has hit nearly every sector except energy and defense, yet Apple has stayed on investors' shopping list. Retail trading data from Schwab shows Apple among the most widely bought stocks in March, alongside Nvidia, Microsoft and Micron. That pattern held even as the Dow and Nasdaq slid into correction territory following the spike in oil prices tied to the war in Iran and fears over the Strait of Hormuz.
Investors have not abandoned their playbook. Few survey respondents say they have changed how much they invest or what they are buying, even with inflation and recession fears climbing toward the top of their worry list. More than a third of those surveyed now put the odds of a recession within six months at roughly 50 to 50, and that anxiety has not translated into wholesale selling of favorite names.
Apple Valuation, Momentum and Yield
Apple trades with a market capitalization north of $3 trillion, a scale that keeps it central to nearly every major index and retail portfolio. Its price to earnings ratio sits in territory that reflects steady, if unspectacular, growth expectations rather than the frothy multiples seen in some AI names. Earnings per share have continued to grow modestly, supporting a stock that has traded within a wide 52 week range as macro shocks, including the recent oil spike, have whipsawed sentiment.
The dividend, while modest in yield terms, remains a steady feature of the Apple investment case and one reason long term holders have been slow to sell even as valuations draw skepticism. Relative strength readings on the stock have swung with the broader market's volatility, cooling during the selloff before ticking higher as dip buyers stepped in during March.
The bull case rests on Apple's scale, its services revenue growth and its position as a default holding for investors who want exposure to technology without the volatility of smaller AI pure plays. Bears point to a stock that many respondents still consider caught up in an overvalued mega cap tech trade, one that could suffer further if oil driven inflation forces the Federal Reserve into a tougher policy stance or if a recession materializes in the next six months.
Bubble Talk Still Surrounds Big Tech
AI stocks, which powered much of the market's run from late 2022 into late 2025, are still viewed as overvalued by most survey respondents. Cryptocurrency and gold rank next on the list of frothy assets. Mega cap tech, including Apple, has slipped down that list, with just over a third of respondents now calling it a bubble, a notable easing from prior surveys even as the broader debate over stretched valuations continues.
Meanwhile, selling has concentrated elsewhere. Investors have been trimming Broadcom (AVGO), AMD (AMD) and oil producer Occidental Petroleum (OXY), even as energy and defense stocks have been among the few sectors spared from the recent downturn.
What Happens to the $10,000 Question
Asked what they would do with an extra $10,000 today, individual stocks remain the top answer among survey respondents, ahead of cash, bonds or other assets. Given that nearly half say they have already been buying the dip in names like Apple, that answer looks less hypothetical than it might have a few months ago. Whether that appetite holds depends largely on where oil prices and the Iran conflict head next, and on whether the 27% who expect a further 10% market drop turn out to be right.
