Apple and Palantir Diverge as Tech Dip Buying Fades

For investors, the message is that “buy the dip” is no longer automatic in the most crowded corners of the market. Apple’s latest filing showed total gross margin of $233.6 billion in fiscal 2026, up from $195.2 billion a year earlier, underscoring how much of the company’s valuation still rests on durable cash generation and services strength. But with the shares up sharply from their June lows and RSI readings recently near neutral, the market is already discounting a lot of resilience.

Palantir is the more volatile warning. The stock has been hit by a sharp de-rating after briefly trading above $200 in October, and its latest decline came with RSI down to 28.1, a level that reflects heavy selling rather than healthy consolidation. Adalytica’s NVIDIA Earnings Sentiment snapshot, which captures broader AI-trade positioning, is also sitting at “Extreme Fear,” suggesting investors are becoming more selective even around names tied to the artificial-intelligence theme.

The macro backdrop adds to the caution. The 10-year Treasury yield is hovering around 4.89%, while inflation remains sticky and unemployment is forecast near 4.09%. That combination keeps discount rates elevated and limits how much the market is willing to pay for long-duration earnings growth, even as the S&P 500 sentiment gauge sits in neutral territory but with awareness at “Extreme Greed.”

The next catalyst is earnings and guidance, not just the headline beats. If Apple can show continued margin discipline and services growth, it can keep the dip-buying case intact. For Palantir and the AI complex, the question is whether investors keep paying up for growth, or start demanding cleaner execution and less perfection.