Attendees of Apple's Worldwide Developers Conference (WWDC) deemed it a significant disappointment, primarily due to pricing concerns as well as Apple's perceived lag in artificial intelligence (AI) innovation. With a decline of 20% in stock value this year and losing its title as the world's most valuable company to Nvidia and Microsoft, Apple's presentation offered only incremental AI features that many competitors have already introduced. Despite a new operating system and design innovations, concerns about future AI capabilities and market competitiveness dominated discussions among investors and analysts.
Many of the AI features announced were more incremental in our view, and already available through competitor applications. We were disappointed that Apple did not signal more about its upcoming AI features.
The company has filled some gaps in its AI lineup by teaming up with OpenAI, maker of ChatGPT. However, this is well short of what developers and investors were hoping for.
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