$AAPL — Rescheduling Rumors, AI Concentration and Rising Correlations: Markets Grapple with Structural Upside and Geopolitical Risk

$AAPL $MSOS — Rumors that Pam Bondi’s team has finalized a Schedule 3 cannabis proposal set off a retail-driven rally in cannabis names, while Jensen Investment Management’s Q4 letter reaffirms concentrated bets on AI infrastructure and big-cap quality growth. At the same time, Morgan Stanley’s warning about rising correlations amid the Iran conflict forces investors to reconcile optimism with a growing need for active risk management.