Can Apple’s Developers Conference Save the Stock?

By Douglas A. McIntyre Published Jun 10, 6:50AM EDT

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Apple Inc. (NASDAQ: AAPL | AAPL Price Prediction) is about to hold its annual Worldwide Developers Conference (WWDC).
Will it have any news that offers hope to investors?

Apple Inc. (NASDAQ: AAPL) is about to hold its Worldwide Developers Conference (WWDC), which will include software and hardware engineers from all over the world. Observers of the conference, which has been held in June for years, think the only thing management can say is that Apple is becoming a major artificial intelligence (AI) company. With its stock flat in the past six months, compared to the S&P 500’s 16% increase, the conference is essential to investors. The next major Apple event is the iPhone 16 launch, which will not happen until September.

Anything to Offer?

Skeptics exist. Apple has not indicated that a big AI announcement is coming. Its alliance with OpenAI, the AI industry leader, is in its early stages. Apple has not hinted about any large AI integrations in iOS, its operating system, for the iPhone or any other Apple hardware.

Bloomberg thinks Apple can make AI, but not soon: “The shift to artificial intelligence promises to be a big opportunity for Apple if it can hone its technology and catch up with rivals. AI-based operating systems will change how people gather information, create and edit content, and navigate their devices.”

Another industry question is what Apple can do that Microsoft Corp. (NASDAQ: MSFT) and other early AI adopters have not done already. They have put advanced AI tools in the hands of both individuals and corporations. Apple makes and buys chips, but Nvidia Corp. (NASDAQ: NVDA) has cornered much of that market, along with Advanced Micro Devices Inc. (NASDAQ: AMD).

WWDC has been an important event for investors many times in the past. There is no evidence Apple has anything to thrill them this year, particularly as far as AI is concerned.

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.