24/7 Insights
- Apple Inc.’s (NASDAQ: AAPL) AI offerings at WWDC 2024 disappointed investors.
The Worldwide Developers Conference (WWDC) 2024, Apple Inc.’s (NASDAQ: AAPL) annual developers meeting, made the front page of the media worldwide. Apple released its artificial intelligence (AI) products, hoping to catch up with the AI offerings from industry leaders Microsoft and Alphabet’s Google. Investors did not think it went well, and Apple’s shares continued languishing. For example, Apple’s shares are flat this year and fell after the Apple AI announcements. On the other hand, Alphabet Inc. (NASDAQ: GOOGL) stock is higher by 25% over the same period.
The Problem for Apple Investors
The problem for investors is that Apple needed to announce something to dazzle consumers. It appears shareholders will need to wait for that, if it comes at all, until the iPhone 16 launch in September. However, Apple may have just made what it considers its best option to find people to upgrade to the new iPhone. “There isn’t anything here that propels the brand ahead of its as-expected trajectory of incrementalism,” Dipanjan Chatterjee, an analyst at Forrester, told Reuters.
Among Apple’s headlines was that the new products were “AI for the rest of us,” which is an old slogan from Mac promotions. However, the “rest of us” expected something beyond what people can get for free or some improvement over basic AI products like those in Windows 11 or the new Google search features. Apple bragged about its new privacy for AI. Privacy has not been a major issue with the lightspeed adoption of AI so far.
One Apple AI feature can help people write and take notes quickly. They can do this across any Apple hardware. It is hard to see how this feature is a breakthrough, even for people who want to “minimize distractions.”
Siri, Apple’s ancient voice recognition, also got an AI upgrade. The new Siri, Apple said, will be able to “help you like never before.” That is not much of an endorsement for a product that is several years old.
Apple needed a home run at WWDC 2024. Instead, it barely got on base.
Prediction: This Magnificent 7 Stock Will Rally Through Summer
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