Apple shares have rallied 15 percent since their June 25 sell-off, adding almost $600 billion in market value and returning the stock to record territory. The rebound is being driven by investors rotating away from the AI infrastructure trade and toward Apple’s more capital-light approach: rather than building its own data-center empire, it is paying Google for access to Gemini and weaving that into the next generation of Siri and Apple Intelligence. That discipline has...