Short interest: AAPL shorts tracked price until September, but since then stock rallied ~50% with no new shorts. Hedge funds show more longs, no added shorts.

Unhedged exposure: QQQ shorts shrank, leaving AAPL and NDX unhedged at highs. SPY shorts rose, showing investors hedging S&P but not tech.

As NVDA stumbles, GOOG and AAPL are pressing near all‑time-highs, marking a sudden shift in leadership. AAPL now stands as the second‑largest company, about 7% behind NVDA, while GOOG is third, 14% behind.

Until September, AAPL’s short interest closely tracked its price, with traders shorting into rallies and covering on declines. That pattern has since broken down: the stock has surged roughly 50% without any increase in short activity.

Hedge fund positioning reflects this shift, with long exposure rising and shorts flat.

Meanwhile, QQQ short positions have contracted, leaving both AAPL and the NASDAQ‑100 unhedged at record levels. NVDA’s short interest remains unchanged.

In contrast, SPY shorts have grown, showing investors are hedging the broader S&P but not tech.

AAPL and QQQ are unhedged and could suffer in a draw-down.

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